Crypto Rolling Efficiency

Time series Plots

Window : 360

• Delta H computed over rolling 360 days

• Confidence interval obtained from 10.000 GBM simulations series of returns of length equal to 360

  • q70: 0.1276
  • q90: 0.17481
  • q95: 0.197805
  • q99: 0.241003

V

### UNH ### MSFT ### GOOG ### GOOGL ### CVX ### LLY ### NVDA ### JNJ ### TSLA ### PG ### META ### HD ### AVGO ### JPM ### MA ### XOM ### AMZN ### AAPL

Window : 720

• Delta H computed over rolling 720 days

• Confidence interval obtained from 10.000 GBM simulations series of returns of length equal to 720

  • q70: 0.0987
  • q90: 0.1326
  • q95: 0.1478
  • q99: 0.176903

UNH

### AVGO ### LLY ### AMZN ### AAPL ### JNJ ### NVDA ### V ### META ### PG ### GOOG ### HD ### CVX ### XOM ### JPM ### MA ### TSLA ### MSFT ### GOOGL

Window : 1080

• Delta H computed over rolling 1080 days

• Confidence interval obtained from 10.000 GBM simulations series of returns of length equal to 1080

  • q70: 0.0881
  • q90: 0.11901
  • q95: 0.1314
  • q99: 0.154401

CVX

### V ### AVGO ### MSFT ### GOOG ### AAPL ### JNJ ### HD ### META ### JPM ### MA ### AMZN ### NVDA ### XOM ### GOOGL ### UNH ### TSLA ### LLY ### PG

Summary Tables

Window : 360

Ticker	days_above_q70	days_above_q90	days_above_q95	days_above_q99	ticker_appearances	prop_above_q70	prop_above_q90	prop_above_q95	prop_above_q99
AAPL	755	562	468	263	1022	0.7387476	0.5499022	0.4579256	0.2573386
AMZN	781	620	517	280	1022	0.7641879	0.6066536	0.5058708	0.2739726
AVGO	665	485	354	203	1022	0.6506849	0.4745597	0.3463796	0.1986301
CVX	710	553	479	359	1022	0.6947162	0.5410959	0.4686888	0.3512720
GOOG	737	464	287	125	1022	0.7211350	0.4540117	0.2808219	0.1223092
GOOGL	744	417	284	128	1022	0.7279843	0.4080235	0.2778865	0.1252446
HD	855	719	654	489	1022	0.8365949	0.7035225	0.6399217	0.4784736
JNJ	948	816	706	383	1022	0.9275930	0.7984344	0.6908023	0.3747554
JPM	995	981	963	833	1022	0.9735812	0.9598826	0.9422701	0.8150685
LLY	985	898	833	712	1022	0.9637965	0.8786693	0.8150685	0.6966732
MA	939	813	758	626	1022	0.9187867	0.7954990	0.7416830	0.6125245
META	570	455	400	314	1022	0.5577299	0.4452055	0.3913894	0.3072407
MSFT	749	667	580	382	1022	0.7328767	0.6526419	0.5675147	0.3737769
NVDA	752	492	409	246	1022	0.7358121	0.4814090	0.4001957	0.2407045
PG	896	698	610	508	1022	0.8767123	0.6829746	0.5968689	0.4970646
TSLA	722	559	435	241	1022	0.7064579	0.5469667	0.4256360	0.2358121
UNH	806	715	643	544	1022	0.7886497	0.6996086	0.6291585	0.5322896
V	899	822	799	735	1022	0.8796477	0.8043053	0.7818004	0.7191781
XOM	882	672	494	227	1022	0.8630137	0.6575342	0.4833659	0.2221135

Window : 720

Ticker	days_above_q70	days_above_q90	days_above_q95	days_above_q99	ticker_appearances	prop_above_q70	prop_above_q90	prop_above_q95	prop_above_q99
AAPL	626	548	513	405	662	0.9456193	0.8277946	0.7749245	0.6117825
AMZN	481	473	468	464	662	0.7265861	0.7145015	0.7069486	0.7009063
AVGO	631	570	539	435	662	0.9531722	0.8610272	0.8141994	0.6570997
CVX	640	618	603	552	662	0.9667674	0.9335347	0.9108761	0.8338369
GOOG	490	267	185	137	662	0.7401813	0.4033233	0.2794562	0.2069486
GOOGL	479	249	179	132	662	0.7235650	0.3761329	0.2703927	0.1993958
HD	662	638	633	584	662	1.0000000	0.9637462	0.9561934	0.8821752
JNJ	662	627	577	569	662	1.0000000	0.9471299	0.8716012	0.8595166
JPM	634	615	594	488	662	0.9577039	0.9290030	0.8972810	0.7371601
LLY	662	628	582	477	662	1.0000000	0.9486405	0.8791541	0.7205438
MA	662	640	632	591	662	1.0000000	0.9667674	0.9546828	0.8927492
META	521	351	312	239	662	0.7870091	0.5302115	0.4712991	0.3610272
MSFT	662	662	662	644	662	1.0000000	1.0000000	1.0000000	0.9728097
NVDA	553	493	456	396	662	0.8353474	0.7447130	0.6888218	0.5981873
PG	637	602	590	581	662	0.9622356	0.9093656	0.8912387	0.8776435
TSLA	662	661	648	628	662	1.0000000	0.9984894	0.9788520	0.9486405
UNH	662	662	660	632	662	1.0000000	1.0000000	0.9969789	0.9546828
V	662	662	662	640	662	1.0000000	1.0000000	1.0000000	0.9667674
XOM	437	341	282	203	662	0.6601208	0.5151057	0.4259819	0.3066465

Window : 1080

Ticker	days_above_q70	days_above_q90	days_above_q95	days_above_q99	ticker_appearances	prop_above_q70	prop_above_q90	prop_above_q95	prop_above_q99
AAPL	302	302	293	206	302	1.0000000	1.0000000	0.9701987	0.6821192
AMZN	302	302	290	265	302	1.0000000	1.0000000	0.9602649	0.8774834
AVGO	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
CVX	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
GOOG	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
GOOGL	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
HD	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
JNJ	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
JPM	301	259	236	186	302	0.9966887	0.8576159	0.7814570	0.6158940
LLY	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
MA	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
META	302	302	302	301	302	1.0000000	1.0000000	1.0000000	0.9966887
MSFT	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
NVDA	302	293	275	247	302	1.0000000	0.9701987	0.9105960	0.8178808
PG	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
TSLA	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
UNH	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
V	302	302	302	302	302	1.0000000	1.0000000	1.0000000	1.0000000
XOM	267	253	243	182	302	0.8841060	0.8377483	0.8046358	0.6026490

Backtesting

Return KPIs for various strategies applied to different cryptocurrencies:

• Short-Inefficiency-Long-Efficiency: go short when the series becomes statistically inefficient (above a certain quantile - e.g. q90) and go long when it is below that level.

Short-Inefficiency: stay short only when the series becomes statistically inefficient and do nothing when it is below that level.

• Short-Efficiency: stay short only when the series becomes statistically efficient and do nothing when it becomes inefficient.

• Short-Efficiency-Long-Inefficiency: stay long only when the series becomes statistically efficient and do nothing when it becomes inefficient.

Note: Positions are taken one day after the efficiency level crosses the significance quantile.

360-day Window

Significance q70

• q70 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.0875	0.3838	0.2279	0.4050939	CVX	Short-Inefficiency-Long-Efficiency	q70	360
  0.0594	0.3286	0.1808	0.2636992	GOOGL	Short-Inefficiency-Long-Efficiency	q70	360
  -0.0289	0.3674	-0.0785	-0.1119900	XOM	Short-Inefficiency-Long-Efficiency	q70	360
  -0.0342	0.3648	-0.0937	-0.1315891	AMZN	Short-Inefficiency-Long-Efficiency	q70	360
  -0.0403	0.3015	-0.1338	-0.1537611	V	Short-Inefficiency-Long-Efficiency	q70	360
  -0.0486	0.2062	-0.2357	-0.1829212	JNJ	Short-Inefficiency-Long-Efficiency	q70	360
  -0.0767	0.3284	-0.2336	-0.2765479	GOOG	Short-Inefficiency-Long-Efficiency	q70	360
  -0.0857	0.3090	-0.2775	-0.3047634	HD	Short-Inefficiency-Long-Efficiency	q70	360
  -0.0967	0.3093	-0.3126	-0.3379347	UNH	Short-Inefficiency-Long-Efficiency	q70	360
  -0.1014	0.3388	-0.2994	-0.3518734	MA	Short-Inefficiency-Long-Efficiency	q70	360
  -0.1339	0.3220	-0.4159	-0.4418891	MSFT	Short-Inefficiency-Long-Efficiency	q70	360
  -0.1412	0.3372	-0.4189	-0.4607375	AAPL	Short-Inefficiency-Long-Efficiency	q70	360
  -0.1418	0.2229	-0.6363	-0.4622111	PG	Short-Inefficiency-Long-Efficiency	q70	360
  -0.1503	0.3437	-0.4374	-0.4834669	JPM	Short-Inefficiency-Long-Efficiency	q70	360
  -0.1877	0.3810	-0.4927	-0.5696733	AVGO	Short-Inefficiency-Long-Efficiency	q70	360
  -0.2455	0.5371	-0.4570	-0.6809454	NVDA	Short-Inefficiency-Long-Efficiency	q70	360
  -0.3215	0.3134	-1.0260	-0.7926390	LLY	Short-Inefficiency-Long-Efficiency	q70	360
  -0.3574	0.4681	-0.7635	-0.8336447	META	Short-Inefficiency-Long-Efficiency	q70	360
  -0.3891	0.6792	-0.5729	-0.8644819	TSLA	Short-Inefficiency-Long-Efficiency	q70	360

  • q70 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    -0.0356	0.3526	-0.1010	-0.1367139	CVX	Short-Inefficiency	q70	360
    -0.0667	0.2036	-0.3276	-0.2442383	JNJ	Short-Inefficiency	q70	360
    -0.0768	0.3249	-0.2365	-0.2769025	AMZN	Short-Inefficiency	q70	360
    -0.0783	0.2858	-0.2741	-0.2816319	V	Short-Inefficiency	q70	360
    -0.0822	0.2927	-0.2810	-0.2939550	GOOGL	Short-Inefficiency	q70	360
    -0.1020	0.3346	-0.3050	-0.3536962	XOM	Short-Inefficiency	q70	360
    -0.1187	0.3234	-0.3671	-0.4010380	MA	Short-Inefficiency	q70	360
    -0.1204	0.2866	-0.4200	-0.4055402	HD	Short-Inefficiency	q70	360
    -0.1292	0.2143	-0.6029	-0.4294519	PG	Short-Inefficiency	q70	360
    -0.1422	0.2840	-0.5006	-0.4631457	GOOG	Short-Inefficiency	q70	360
    -0.1451	0.2860	-0.5072	-0.4704253	UNH	Short-Inefficiency	q70	360
    -0.1469	0.3411	-0.4306	-0.4749530	JPM	Short-Inefficiency	q70	360
    -0.1865	0.2831	-0.6587	-0.5669605	MSFT	Short-Inefficiency	q70	360
    -0.2327	0.2926	-0.7953	-0.6584979	AAPL	Short-Inefficiency	q70	360
    -0.2422	0.3188	-0.7599	-0.6753031	AVGO	Short-Inefficiency	q70	360
    -0.2461	0.3403	-0.7231	-0.6819536	META	Short-Inefficiency	q70	360
    -0.3262	0.3104	-1.0507	-0.7983465	LLY	Short-Inefficiency	q70	360
    -0.3735	0.4458	-0.8379	-0.8499343	NVDA	Short-Inefficiency	q70	360
    -0.4883	0.5932	-0.8231	-0.9339205	TSLA	Short-Inefficiency	q70	360

    • q70 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.3353	0.3134	1.0698	2.2302244	LLY	Short-Efficiency-Long-Inefficiency	q70	360
      0.2464	0.4681	0.5263	1.4430997	META	Short-Efficiency-Long-Inefficiency	q70	360
      0.1087	0.2229	0.4876	0.5195959	PG	Short-Efficiency-Long-Inefficiency	q70	360
      0.0642	0.3810	0.1684	0.2868321	AVGO	Short-Efficiency-Long-Inefficiency	q70	360
      0.0455	0.3437	0.1323	0.1975645	JPM	Short-Efficiency-Long-Inefficiency	q70	360
      0.0408	0.3220	0.1266	0.1758972	MSFT	Short-Efficiency-Long-Inefficiency	q70	360
      0.0392	0.3372	0.1163	0.1688760	AAPL	Short-Efficiency-Long-Inefficiency	q70	360
      0.0294	0.6792	0.0433	0.1246285	TSLA	Short-Efficiency-Long-Inefficiency	q70	360
      0.0073	0.2062	0.0356	0.0300905	JNJ	Short-Efficiency-Long-Inefficiency	q70	360
      0.0058	0.3093	0.0188	0.0237761	UNH	Short-Efficiency-Long-Inefficiency	q70	360
      -0.0062	0.3090	-0.0200	-0.0248233	HD	Short-Efficiency-Long-Inefficiency	q70	360
      -0.0077	0.5371	-0.0144	-0.0309593	NVDA	Short-Efficiency-Long-Inefficiency	q70	360
      -0.0080	0.3388	-0.0235	-0.0319154	MA	Short-Efficiency-Long-Inefficiency	q70	360
      -0.0277	0.3284	-0.0844	-0.1077221	GOOG	Short-Efficiency-Long-Inefficiency	q70	360
      -0.0486	0.3015	-0.1612	-0.1829904	V	Short-Efficiency-Long-Inefficiency	q70	360
      -0.0938	0.3648	-0.2570	-0.3292102	AMZN	Short-Efficiency-Long-Inefficiency	q70	360
      -0.1004	0.3674	-0.2734	-0.3490465	XOM	Short-Efficiency-Long-Inefficiency	q70	360
      -0.1528	0.3286	-0.4649	-0.4895553	GOOGL	Short-Efficiency-Long-Inefficiency	q70	360
      -0.2073	0.3838	-0.5400	-0.6101114	CVX	Short-Efficiency-Long-Inefficiency	q70	360

      • q70 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.0569	0.3218	0.1767	0.2513877	META	Short-Efficiency	q70	360
        0.0109	0.0613	0.1777	0.0448979	PG	Short-Efficiency	q70	360
        0.0023	0.0418	0.0548	0.0093130	JPM	Short-Efficiency	q70	360
        -0.0087	0.0426	-0.2034	-0.0346386	LLY	Short-Efficiency	q70	360
        -0.0201	0.0320	-0.6272	-0.0788745	JNJ	Short-Efficiency	q70	360
        -0.0292	0.1008	-0.2896	-0.1132069	MA	Short-Efficiency	q70	360
        -0.0484	0.0960	-0.5042	-0.1822705	V	Short-Efficiency	q70	360
        -0.0506	0.1154	-0.4386	-0.1899826	HD	Short-Efficiency	q70	360
        -0.0665	0.1173	-0.5670	-0.2435828	UNH	Short-Efficiency	q70	360
        -0.0701	0.1659	-0.4226	-0.2553293	AMZN	Short-Efficiency	q70	360
        -0.0824	0.1532	-0.5383	-0.2945769	MSFT	Short-Efficiency	q70	360
        -0.0958	0.1647	-0.5818	-0.3353277	GOOG	Short-Efficiency	q70	360
        -0.0965	0.1518	-0.6355	-0.3372627	XOM	Short-Efficiency	q70	360
        -0.1067	0.2083	-0.5125	-0.3672843	AVGO	Short-Efficiency	q70	360
        -0.1311	0.1668	-0.7860	-0.4344537	AAPL	Short-Efficiency	q70	360
        -0.1334	0.1517	-0.8793	-0.4405007	CVX	Short-Efficiency	q70	360
        -0.1529	0.1493	-1.0242	-0.4897593	GOOGL	Short-Efficiency	q70	360
        -0.2409	0.2985	-0.8072	-0.6730564	NVDA	Short-Efficiency	q70	360
        -0.2488	0.3295	-0.7550	-0.6865691	TSLA	Short-Efficiency	q70	360

        Significance q90

• q90 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.1803	0.3672	0.4911	0.9588183	XOM	Short-Inefficiency-Long-Efficiency	q90	360
  0.0695	0.3089	0.2249	0.3130477	HD	Short-Inefficiency-Long-Efficiency	q90	360
  0.0436	0.3284	0.1329	0.1891763	GOOG	Short-Inefficiency-Long-Efficiency	q90	360
  0.0353	0.3839	0.0920	0.1511348	CVX	Short-Inefficiency-Long-Efficiency	q90	360
  -0.0128	0.3287	-0.0391	-0.0510798	GOOGL	Short-Inefficiency-Long-Efficiency	q90	360
  -0.0352	0.3811	-0.0924	-0.1352579	AVGO	Short-Inefficiency-Long-Efficiency	q90	360
  -0.0431	0.5372	-0.0802	-0.1635555	NVDA	Short-Inefficiency-Long-Efficiency	q90	360
  -0.0764	0.3221	-0.2372	-0.2755203	MSFT	Short-Inefficiency-Long-Efficiency	q90	360
  -0.0777	0.2061	-0.3771	-0.2797647	JNJ	Short-Inefficiency-Long-Efficiency	q90	360
  -0.0818	0.3015	-0.2712	-0.2924283	V	Short-Inefficiency-Long-Efficiency	q90	360
  -0.0820	0.3388	-0.2421	-0.2932118	MA	Short-Inefficiency-Long-Efficiency	q90	360
  -0.1056	0.3372	-0.3132	-0.3640752	AAPL	Short-Inefficiency-Long-Efficiency	q90	360
  -0.1261	0.3437	-0.3670	-0.4211944	JPM	Short-Inefficiency-Long-Efficiency	q90	360
  -0.1287	0.6794	-0.1894	-0.4279760	TSLA	Short-Inefficiency-Long-Efficiency	q90	360
  -0.1326	0.3092	-0.4289	-0.4384115	UNH	Short-Inefficiency-Long-Efficiency	q90	360
  -0.1463	0.3648	-0.4010	-0.4734393	AMZN	Short-Inefficiency-Long-Efficiency	q90	360
  -0.1562	0.2229	-0.7011	-0.4979347	PG	Short-Inefficiency-Long-Efficiency	q90	360
  -0.2464	0.3138	-0.7854	-0.6825682	LLY	Short-Inefficiency-Long-Efficiency	q90	360
  -0.4135	0.4679	-0.8838	-0.8851150	META	Short-Inefficiency-Long-Efficiency	q90	360

  • q90 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0018	0.2971	0.0059	0.0071223	XOM	Short-Inefficiency	q90	360
    -0.0454	0.2746	-0.1654	-0.1718331	HD	Short-Inefficiency	q90	360
    -0.0524	0.3322	-0.1578	-0.1961708	CVX	Short-Inefficiency	q90	360
    -0.0715	0.2121	-0.3373	-0.2599306	GOOG	Short-Inefficiency	q90	360
    -0.0793	0.1939	-0.4092	-0.2848387	JNJ	Short-Inefficiency	q90	360
    -0.0936	0.2002	-0.4678	-0.3288612	GOOGL	Short-Inefficiency	q90	360
    -0.0970	0.2802	-0.3463	-0.3389007	V	Short-Inefficiency	q90	360
    -0.1051	0.3088	-0.3405	-0.3626658	MA	Short-Inefficiency	q90	360
    -0.1201	0.2797	-0.4294	-0.4048054	AMZN	Short-Inefficiency	q90	360
    -0.1303	0.1773	-0.7349	-0.4322530	PG	Short-Inefficiency	q90	360
    -0.1347	0.3408	-0.3953	-0.4439173	JPM	Short-Inefficiency	q90	360
    -0.1575	0.2728	-0.5771	-0.5008444	MSFT	Short-Inefficiency	q90	360
    -0.1602	0.2771	-0.5779	-0.5072862	UNH	Short-Inefficiency	q90	360
    -0.1663	0.2880	-0.5776	-0.5218166	AVGO	Short-Inefficiency	q90	360
    -0.2071	0.2463	-0.8409	-0.6098592	AAPL	Short-Inefficiency	q90	360
    -0.2638	0.3380	-0.7804	-0.7112136	NVDA	Short-Inefficiency	q90	360
    -0.2653	0.2781	-0.9542	-0.7136293	META	Short-Inefficiency	q90	360
    -0.2869	0.2967	-0.9667	-0.7461889	LLY	Short-Inefficiency	q90	360
    -0.3690	0.5374	-0.6866	-0.8454555	TSLA	Short-Inefficiency	q90	360

    • q90 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.3655	0.4679	0.7813	2.5376463	META	Short-Efficiency-Long-Inefficiency	q90	360
      0.2022	0.3138	0.6443	1.1101301	LLY	Short-Efficiency-Long-Inefficiency	q90	360
      0.1276	0.2229	0.5727	0.6277202	PG	Short-Efficiency-Long-Inefficiency	q90	360
      0.0475	0.3092	0.1535	0.2069453	UNH	Short-Efficiency-Long-Inefficiency	q90	360
      0.0392	0.2061	0.1900	0.1685974	JNJ	Short-Efficiency-Long-Inefficiency	q90	360
      0.0252	0.3648	0.0691	0.1062755	AMZN	Short-Efficiency-Long-Inefficiency	q90	360
      0.0165	0.3437	0.0481	0.0687209	JPM	Short-Efficiency-Long-Inefficiency	q90	360
      -0.0022	0.3372	-0.0065	-0.0087964	AAPL	Short-Efficiency-Long-Inefficiency	q90	360
      -0.0057	0.3015	-0.0189	-0.0228759	V	Short-Efficiency-Long-Inefficiency	q90	360
      -0.0241	0.3221	-0.0748	-0.0941346	MSFT	Short-Efficiency-Long-Inefficiency	q90	360
      -0.0289	0.3388	-0.0854	-0.1122638	MA	Short-Efficiency-Long-Inefficiency	q90	360
      -0.0908	0.3287	-0.2762	-0.3202288	GOOGL	Short-Efficiency-Long-Inefficiency	q90	360
      -0.1041	0.3811	-0.2731	-0.3596262	AVGO	Short-Efficiency-Long-Inefficiency	q90	360
      -0.1398	0.3284	-0.4259	-0.4571702	GOOG	Short-Efficiency-Long-Inefficiency	q90	360
      -0.1504	0.3089	-0.4869	-0.4836604	HD	Short-Efficiency-Long-Inefficiency	q90	360
      -0.1673	0.3839	-0.4358	-0.5240956	CVX	Short-Efficiency-Long-Inefficiency	q90	360
      -0.2176	0.5372	-0.4051	-0.6303678	NVDA	Short-Efficiency-Long-Inefficiency	q90	360
      -0.2599	0.3672	-0.7078	-0.7048970	XOM	Short-Efficiency-Long-Inefficiency	q90	360
      -0.2783	0.6794	-0.4096	-0.7335645	TSLA	Short-Efficiency-Long-Inefficiency	q90	360

      • q90 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.0845	0.3767	0.2245	0.3898047	META	Short-Efficiency	q90	360
        0.0121	0.1352	0.0896	0.0500532	PG	Short-Efficiency	q90	360
        -0.0066	0.0700	-0.0946	-0.0265812	JNJ	Short-Efficiency	q90	360
        -0.0118	0.0447	-0.2639	-0.0470180	JPM	Short-Efficiency	q90	360
        -0.0244	0.2343	-0.1041	-0.0953051	AMZN	Short-Efficiency	q90	360
        -0.0287	0.1113	-0.2580	-0.1114334	V	Short-Efficiency	q90	360
        -0.0439	0.1394	-0.3153	-0.1665983	MA	Short-Efficiency	q90	360
        -0.0498	0.1370	-0.3631	-0.1869938	UNH	Short-Efficiency	q90	360
        -0.0633	0.1012	-0.6255	-0.2330181	LLY	Short-Efficiency	q90	360
        -0.1140	0.1708	-0.6676	-0.3880144	MSFT	Short-Efficiency	q90	360
        -0.1180	0.1924	-0.6135	-0.3991162	CVX	Short-Efficiency	q90	360
        -0.1252	0.1414	-0.8850	-0.4185679	HD	Short-Efficiency	q90	360
        -0.1422	0.2606	-0.5458	-0.4632215	GOOGL	Short-Efficiency	q90	360
        -0.1592	0.2298	-0.6927	-0.5049602	AAPL	Short-Efficiency	q90	360
        -0.1646	0.2506	-0.6570	-0.5178396	GOOG	Short-Efficiency	q90	360
        -0.1880	0.2492	-0.7546	-0.5703723	AVGO	Short-Efficiency	q90	360
        -0.1901	0.2159	-0.8803	-0.5746995	XOM	Short-Efficiency	q90	360
        -0.3541	0.4166	-0.8498	-0.8301062	NVDA	Short-Efficiency	q90	360
        -0.3908	0.4144	-0.9430	-0.8659846	TSLA	Short-Efficiency	q90	360

        Significance q95

• q95 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.3609	0.3277	1.1016	2.4897818	GOOG	Short-Inefficiency-Long-Efficiency	q95	360
  0.3459	0.3280	1.0545	2.3355183	GOOGL	Short-Inefficiency-Long-Efficiency	q95	360
  0.1582	0.3370	0.4696	0.8143885	AAPL	Short-Inefficiency-Long-Efficiency	q95	360
  0.1552	0.5369	0.2891	0.7952793	NVDA	Short-Inefficiency-Long-Efficiency	q95	360
  0.1019	0.3386	0.3010	0.4823448	MA	Short-Inefficiency-Long-Efficiency	q95	360
  0.0923	0.3838	0.2405	0.4305388	CVX	Short-Inefficiency-Long-Efficiency	q95	360
  0.0311	0.3090	0.1007	0.1322796	HD	Short-Inefficiency-Long-Efficiency	q95	360
  0.0173	0.3674	0.0470	0.0719115	XOM	Short-Inefficiency-Long-Efficiency	q95	360
  0.0001	0.3811	0.0003	0.0004266	AVGO	Short-Inefficiency-Long-Efficiency	q95	360
  -0.0176	0.3221	-0.0548	-0.0696518	MSFT	Short-Inefficiency-Long-Efficiency	q95	360
  -0.0287	0.2062	-0.1391	-0.1113419	JNJ	Short-Inefficiency-Long-Efficiency	q95	360
  -0.0630	0.3015	-0.2089	-0.2318512	V	Short-Inefficiency-Long-Efficiency	q95	360
  -0.1022	0.6794	-0.1505	-0.3542663	TSLA	Short-Inefficiency-Long-Efficiency	q95	360
  -0.1319	0.2229	-0.5915	-0.4364484	PG	Short-Inefficiency-Long-Efficiency	q95	360
  -0.1585	0.3437	-0.4613	-0.5034263	JPM	Short-Inefficiency-Long-Efficiency	q95	360
  -0.1710	0.3648	-0.4688	-0.5326212	AMZN	Short-Inefficiency-Long-Efficiency	q95	360
  -0.1822	0.3091	-0.5895	-0.5577322	UNH	Short-Inefficiency-Long-Efficiency	q95	360
  -0.2876	0.3136	-0.9171	-0.7472102	LLY	Short-Inefficiency-Long-Efficiency	q95	360
  -0.4546	0.4676	-0.9723	-0.9144710	META	Short-Inefficiency-Long-Efficiency	q95	360

  • q95 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0702	0.1624	0.4318	0.3164867	GOOG	Short-Inefficiency	q95	360
    0.0637	0.1726	0.3692	0.2847611	GOOGL	Short-Inefficiency	q95	360
    -0.0148	0.2928	-0.0506	-0.0587130	MA	Short-Inefficiency	q95	360
    -0.0249	0.3265	-0.0762	-0.0971215	CVX	Short-Inefficiency	q95	360
    -0.0541	0.1880	-0.2878	-0.2020029	JNJ	Short-Inefficiency	q95	360
    -0.0603	0.2650	-0.2274	-0.2228274	HD	Short-Inefficiency	q95	360
    -0.0607	0.2614	-0.2322	-0.2242503	XOM	Short-Inefficiency	q95	360
    -0.0872	0.2778	-0.3139	-0.3093587	V	Short-Inefficiency	q95	360
    -0.0886	0.2020	-0.4388	-0.3135980	AAPL	Short-Inefficiency	q95	360
    -0.1166	0.1694	-0.6882	-0.3951539	PG	Short-Inefficiency	q95	360
    -0.1282	0.2596	-0.4940	-0.4268049	AMZN	Short-Inefficiency	q95	360
    -0.1287	0.2628	-0.4898	-0.4281339	MSFT	Short-Inefficiency	q95	360
    -0.1435	0.2549	-0.5631	-0.4665589	AVGO	Short-Inefficiency	q95	360
    -0.1506	0.3398	-0.4433	-0.4842306	JPM	Short-Inefficiency	q95	360
    -0.1811	0.2995	-0.6045	-0.5551733	NVDA	Short-Inefficiency	q95	360
    -0.1828	0.2691	-0.6791	-0.5588960	UNH	Short-Inefficiency	q95	360
    -0.2841	0.2374	-1.1969	-0.7421671	META	Short-Inefficiency	q95	360
    -0.3053	0.2903	-1.0517	-0.7717911	LLY	Short-Inefficiency	q95	360
    -0.3454	0.4954	-0.6971	-0.8206096	TSLA	Short-Inefficiency	q95	360

    • q95 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.4686	0.4676	1.0021	3.7518676	META	Short-Efficiency-Long-Inefficiency	q95	360
      0.2716	0.3136	0.8661	1.6497210	LLY	Short-Efficiency-Long-Inefficiency	q95	360
      0.1110	0.3091	0.3591	0.5325706	UNH	Short-Efficiency-Long-Inefficiency	q95	360
      0.0960	0.2229	0.4305	0.4501277	PG	Short-Efficiency-Long-Inefficiency	q95	360
      0.0558	0.3648	0.1530	0.2463579	AMZN	Short-Efficiency-Long-Inefficiency	q95	360
      0.0557	0.3437	0.1620	0.2456997	JPM	Short-Efficiency-Long-Inefficiency	q95	360
      -0.0133	0.2062	-0.0645	-0.0528809	JNJ	Short-Efficiency-Long-Inefficiency	q95	360
      -0.0256	0.3015	-0.0850	-0.0999331	V	Short-Efficiency-Long-Inefficiency	q95	360
      -0.0824	0.3221	-0.2560	-0.2945856	MSFT	Short-Efficiency-Long-Inefficiency	q95	360
      -0.1188	0.3090	-0.3845	-0.4012270	HD	Short-Efficiency-Long-Inefficiency	q95	360
      -0.1357	0.3811	-0.3561	-0.4464779	AVGO	Short-Efficiency-Long-Inefficiency	q95	360
      -0.1412	0.3674	-0.3844	-0.4607267	XOM	Short-Efficiency-Long-Inefficiency	q95	360
      -0.1910	0.3386	-0.5641	-0.5767237	MA	Short-Efficiency-Long-Inefficiency	q95	360
      -0.2108	0.3838	-0.5491	-0.6170463	CVX	Short-Efficiency-Long-Inefficiency	q95	360
      -0.2295	0.3370	-0.6810	-0.6525932	AAPL	Short-Efficiency-Long-Inefficiency	q95	360
      -0.2995	0.6794	-0.4409	-0.7639778	TSLA	Short-Efficiency-Long-Inefficiency	q95	360
      -0.3331	0.3280	-1.0157	-0.8066122	GOOGL	Short-Efficiency-Long-Inefficiency	q95	360
      -0.3404	0.3277	-1.0389	-0.8150256	GOOG	Short-Efficiency-Long-Inefficiency	q95	360
      -0.3519	0.5369	-0.6555	-0.8277834	NVDA	Short-Efficiency-Long-Inefficiency	q95	360

      • q95 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.1130	0.4034	0.2801	0.5436327	META	Short-Efficiency	q95	360
        0.0067	0.0517	0.1297	0.0274684	JPM	Short-Efficiency	q95	360
        -0.0036	0.1449	-0.0246	-0.0143533	PG	Short-Efficiency	q95	360
        -0.0153	0.2563	-0.0597	-0.0605826	AMZN	Short-Efficiency	q95	360
        -0.0235	0.1520	-0.1544	-0.0918709	UNH	Short-Efficiency	q95	360
        -0.0331	0.0845	-0.3919	-0.1276267	JNJ	Short-Efficiency	q95	360
        -0.0384	0.1182	-0.3252	-0.1469724	LLY	Short-Efficiency	q95	360
        -0.0391	0.1170	-0.3345	-0.1494415	V	Short-Efficiency	q95	360
        -0.1113	0.1587	-0.7014	-0.3804172	HD	Short-Efficiency	q95	360
        -0.1316	0.1702	-0.7730	-0.4357136	MA	Short-Efficiency	q95	360
        -0.1362	0.2582	-0.5277	-0.4478508	XOM	Short-Efficiency	q95	360
        -0.1429	0.2018	-0.7085	-0.4650354	CVX	Short-Efficiency	q95	360
        -0.1433	0.1859	-0.7707	-0.4658259	MSFT	Short-Efficiency	q95	360
        -0.2097	0.2829	-0.7410	-0.6148762	AVGO	Short-Efficiency	q95	360
        -0.2685	0.2694	-0.9965	-0.7186266	AAPL	Short-Efficiency	q95	360
        -0.2691	0.2792	-0.9641	-0.7195955	GOOGL	Short-Efficiency	q95	360
        -0.2752	0.2849	-0.9662	-0.7289511	GOOG	Short-Efficiency	q95	360
        -0.4128	0.4638	-0.8900	-0.8845460	TSLA	Short-Efficiency	q95	360
        -0.4193	0.4450	-0.9424	-0.8897031	NVDA	Short-Efficiency	q95	360

        Significance q99

• q99 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.4253	0.5363	0.7930	3.2088777	NVDA	Short-Inefficiency-Long-Efficiency	q99	360
  0.3481	0.3280	1.0613	2.3579318	GOOGL	Short-Inefficiency-Long-Efficiency	q99	360
  0.2825	0.3669	0.7701	1.7434446	XOM	Short-Inefficiency-Long-Efficiency	q99	360
  0.1752	0.3218	0.5444	0.9245330	MSFT	Short-Inefficiency-Long-Efficiency	q99	360
  0.1728	0.3282	0.5265	0.9084955	GOOG	Short-Inefficiency-Long-Efficiency	q99	360
  0.1604	0.3837	0.4181	0.8284426	CVX	Short-Inefficiency-Long-Efficiency	q99	360
  0.1281	0.3370	0.3801	0.6303830	AAPL	Short-Inefficiency-Long-Efficiency	q99	360
  0.0722	0.3387	0.2133	0.3269571	MA	Short-Inefficiency-Long-Efficiency	q99	360
  0.0616	0.6792	0.0907	0.2742842	TSLA	Short-Inefficiency-Long-Efficiency	q99	360
  0.0531	0.3089	0.1717	0.2332619	HD	Short-Inefficiency-Long-Efficiency	q99	360
  -0.0593	0.3015	-0.1966	-0.2195350	V	Short-Inefficiency-Long-Efficiency	q99	360
  -0.0597	0.2062	-0.2895	-0.2208600	JNJ	Short-Inefficiency-Long-Efficiency	q99	360
  -0.0798	0.3437	-0.2321	-0.2862168	JPM	Short-Inefficiency-Long-Efficiency	q99	360
  -0.1008	0.2230	-0.4521	-0.3501300	PG	Short-Inefficiency-Long-Efficiency	q99	360
  -0.1033	0.3648	-0.2830	-0.3572683	AMZN	Short-Inefficiency-Long-Efficiency	q99	360
  -0.1312	0.3092	-0.4242	-0.4345891	UNH	Short-Inefficiency-Long-Efficiency	q99	360
  -0.1586	0.3810	-0.4161	-0.5034705	AVGO	Short-Inefficiency-Long-Efficiency	q99	360
  -0.2103	0.3139	-0.6699	-0.6161069	LLY	Short-Inefficiency-Long-Efficiency	q99	360
  -0.2878	0.4684	-0.6144	-0.7474906	META	Short-Inefficiency-Long-Efficiency	q99	360

  • q99 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0742	0.1093	0.6782	0.3365829	GOOGL	Short-Inefficiency	q99	360
    0.0651	0.2204	0.2956	0.2917061	XOM	Short-Inefficiency	q99	360
    0.0126	0.3029	0.0415	0.0519747	CVX	Short-Inefficiency	q99	360
    0.0008	0.1077	0.0074	0.0032295	GOOG	Short-Inefficiency	q99	360
    -0.0214	0.2682	-0.0799	-0.0840852	MA	Short-Inefficiency	q99	360
    -0.0395	0.2310	-0.1710	-0.1508030	MSFT	Short-Inefficiency	q99	360
    -0.0467	0.2503	-0.1866	-0.1763383	HD	Short-Inefficiency	q99	360
    -0.0607	0.1301	-0.4668	-0.2243135	JNJ	Short-Inefficiency	q99	360
    -0.0705	0.2159	-0.3264	-0.2565400	NVDA	Short-Inefficiency	q99	360
    -0.0822	0.2072	-0.3964	-0.2936544	AMZN	Short-Inefficiency	q99	360
    -0.0843	0.2733	-0.3084	-0.3002894	V	Short-Inefficiency	q99	360
    -0.0914	0.1436	-0.6367	-0.3221971	AAPL	Short-Inefficiency	q99	360
    -0.0972	0.1429	-0.6803	-0.3394180	PG	Short-Inefficiency	q99	360
    -0.1061	0.3205	-0.3310	-0.3653806	JPM	Short-Inefficiency	q99	360
    -0.1558	0.2610	-0.5969	-0.4968566	UNH	Short-Inefficiency	q99	360
    -0.1770	0.2116	-0.8368	-0.5462203	META	Short-Inefficiency	q99	360
    -0.1994	0.1654	-1.2053	-0.5941247	AVGO	Short-Inefficiency	q99	360
    -0.2529	0.3867	-0.6540	-0.6934791	TSLA	Short-Inefficiency	q99	360
    -0.2635	0.2654	-0.9926	-0.7107004	LLY	Short-Inefficiency	q99	360

    • q99 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.1471	0.3139	0.4687	0.7448149	LLY	Short-Efficiency-Long-Inefficiency	q99	360
      0.1245	0.4684	0.2658	0.6095342	META	Short-Efficiency-Long-Inefficiency	q99	360
      0.0581	0.2230	0.2607	0.2575158	PG	Short-Efficiency-Long-Inefficiency	q99	360
      0.0457	0.3092	0.1479	0.1987859	UNH	Short-Efficiency-Long-Inefficiency	q99	360
      0.0273	0.3810	0.0715	0.1152575	AVGO	Short-Efficiency-Long-Inefficiency	q99	360
      0.0192	0.2062	0.0932	0.0802489	JNJ	Short-Efficiency-Long-Inefficiency	q99	360
      -0.0240	0.3648	-0.0657	-0.0936790	AMZN	Short-Efficiency-Long-Inefficiency	q99	360
      -0.0294	0.3015	-0.0977	-0.1141367	V	Short-Efficiency-Long-Inefficiency	q99	360
      -0.0347	0.3437	-0.1009	-0.1333759	JPM	Short-Efficiency-Long-Inefficiency	q99	360
      -0.1372	0.3089	-0.4440	-0.4502558	HD	Short-Efficiency-Long-Inefficiency	q99	360
      -0.1686	0.3387	-0.4979	-0.5271577	MA	Short-Efficiency-Long-Inefficiency	q99	360
      -0.2089	0.3370	-0.6198	-0.6133847	AAPL	Short-Efficiency-Long-Inefficiency	q99	360
      -0.2330	0.3218	-0.7241	-0.6589921	MSFT	Short-Efficiency-Long-Inefficiency	q99	360
      -0.2345	0.3282	-0.7147	-0.6617648	GOOG	Short-Efficiency-Long-Inefficiency	q99	360
      -0.2571	0.3837	-0.6701	-0.7003843	CVX	Short-Efficiency-Long-Inefficiency	q99	360
      -0.3189	0.3669	-0.8691	-0.7892966	XOM	Short-Efficiency-Long-Inefficiency	q99	360
      -0.3342	0.3280	-1.0190	-0.8079030	GOOGL	Short-Efficiency-Long-Inefficiency	q99	360
      -0.4076	0.6792	-0.6002	-0.8803976	TSLA	Short-Efficiency-Long-Inefficiency	q99	360
      -0.4747	0.5363	-0.8852	-0.9265417	NVDA	Short-Efficiency-Long-Inefficiency	q99	360

      • q99 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        -0.0250	0.1712	-0.1459	-0.0975161	PG	Short-Efficiency	q99	360
        -0.0263	0.1599	-0.1646	-0.1025351	JNJ	Short-Efficiency	q99	360
        -0.0318	0.4180	-0.0761	-0.1229239	META	Short-Efficiency	q99	360
        -0.0422	0.1273	-0.3317	-0.1604661	V	Short-Efficiency	q99	360
        -0.0435	0.1242	-0.3499	-0.1649534	JPM	Short-Efficiency	q99	360
        -0.0547	0.1657	-0.3300	-0.2038466	UNH	Short-Efficiency	q99	360
        -0.0647	0.3003	-0.2156	-0.2376685	AMZN	Short-Efficiency	q99	360
        -0.0931	0.1670	-0.5573	-0.3271041	LLY	Short-Efficiency	q99	360
        -0.1240	0.1811	-0.6848	-0.4153877	HD	Short-Efficiency	q99	360
        -0.1257	0.2069	-0.6077	-0.4200821	MA	Short-Efficiency	q99	360
        -0.1546	0.3430	-0.4506	-0.4938325	AVGO	Short-Efficiency	q99	360
        -0.1746	0.2356	-0.7412	-0.5408559	CVX	Short-Efficiency	q99	360
        -0.2228	0.2240	-0.9948	-0.6402766	MSFT	Short-Efficiency	q99	360
        -0.2250	0.3100	-0.7258	-0.6443165	GOOG	Short-Efficiency	q99	360
        -0.2383	0.2936	-0.8115	-0.6684001	XOM	Short-Efficiency	q99	360
        -0.2662	0.3046	-0.8741	-0.7150569	AAPL	Short-Efficiency	q99	360
        -0.2762	0.3095	-0.8926	-0.7304673	GOOGL	Short-Efficiency	q99	360
        -0.4854	0.5575	-0.8707	-0.9324309	TSLA	Short-Efficiency	q99	360
        -0.4884	0.4907	-0.9954	-0.9340072	NVDA	Short-Efficiency	q99	360

        [1] “”

720 window

Significance q70

• q70 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.0111	0.3797	0.0292	0.0293650	AMZN	Short-Inefficiency-Long-Efficiency	q70	720
  -0.0515	0.1772	-0.2906	-0.1297030	PG	Short-Inefficiency-Long-Efficiency	q70	720
  -0.0705	0.1592	-0.4431	-0.1748243	JNJ	Short-Inefficiency-Long-Efficiency	q70	720
  -0.0719	0.2557	-0.2813	-0.1780728	V	Short-Inefficiency-Long-Efficiency	q70	720
  -0.0876	0.2558	-0.3427	-0.2141168	HD	Short-Inefficiency-Long-Efficiency	q70	720
  -0.0944	0.2577	-0.3663	-0.2292798	JPM	Short-Inefficiency-Long-Efficiency	q70	720
  -0.1061	0.2831	-0.3748	-0.2552113	MA	Short-Inefficiency-Long-Efficiency	q70	720
  -0.1330	0.2911	-0.4570	-0.3127536	AAPL	Short-Inefficiency-Long-Efficiency	q70	720
  -0.1374	0.2190	-0.6275	-0.3218632	UNH	Short-Inefficiency-Long-Efficiency	q70	720
  -0.1654	0.3184	-0.5196	-0.3781284	GOOG	Short-Inefficiency-Long-Efficiency	q70	720
  -0.1671	0.3192	-0.5234	-0.3813451	GOOGL	Short-Inefficiency-Long-Efficiency	q70	720
  -0.2129	0.2851	-0.7467	-0.4667713	MSFT	Short-Inefficiency-Long-Efficiency	q70	720
  -0.2349	0.5408	-0.4343	-0.5050660	NVDA	Short-Inefficiency-Long-Efficiency	q70	720
  -0.2557	0.3233	-0.7909	-0.5397137	XOM	Short-Inefficiency-Long-Efficiency	q70	720
  -0.2583	0.2914	-0.8864	-0.5438172	CVX	Short-Inefficiency-Long-Efficiency	q70	720
  -0.3547	0.6114	-0.5802	-0.6835732	TSLA	Short-Inefficiency-Long-Efficiency	q70	720
  -0.3597	0.3248	-1.1075	-0.6899825	AVGO	Short-Inefficiency-Long-Efficiency	q70	720
  -0.3835	0.2823	-1.3588	-0.7193927	LLY	Short-Inefficiency-Long-Efficiency	q70	720
  -0.3907	0.4990	-0.7830	-0.7278963	META	Short-Inefficiency-Long-Efficiency	q70	720

  • q70 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0311	0.3169	0.0983	0.0838950	AMZN	Short-Inefficiency	q70	720
    -0.0588	0.1743	-0.3374	-0.1472153	PG	Short-Inefficiency	q70	720
    -0.0730	0.2557	-0.2854	-0.1804967	V	Short-Inefficiency	q70	720
    -0.0758	0.1589	-0.4768	-0.1869773	JNJ	Short-Inefficiency	q70	720
    -0.0947	0.2554	-0.3706	-0.2299273	HD	Short-Inefficiency	q70	720
    -0.0961	0.2825	-0.3401	-0.2331295	MA	Short-Inefficiency	q70	720
    -0.1110	0.2536	-0.4375	-0.2658098	JPM	Short-Inefficiency	q70	720
    -0.1409	0.2189	-0.6434	-0.3289016	UNH	Short-Inefficiency	q70	720
    -0.1460	0.2623	-0.5566	-0.3393424	GOOGL	Short-Inefficiency	q70	720
    -0.1466	0.2636	-0.5562	-0.3406762	GOOG	Short-Inefficiency	q70	720
    -0.1690	0.2796	-0.6045	-0.3851799	AAPL	Short-Inefficiency	q70	720
    -0.2023	0.2843	-0.7115	-0.4477879	MSFT	Short-Inefficiency	q70	720
    -0.2295	0.3913	-0.5866	-0.4958988	META	Short-Inefficiency	q70	720
    -0.2746	0.2870	-0.9568	-0.5697795	CVX	Short-Inefficiency	q70	720
    -0.3211	0.2724	-1.1787	-0.6384000	XOM	Short-Inefficiency	q70	720
    -0.3311	0.5117	-0.6471	-0.6523345	NVDA	Short-Inefficiency	q70	720
    -0.3444	0.3212	-1.0723	-0.6702148	AVGO	Short-Inefficiency	q70	720
    -0.3481	0.6112	-0.5696	-0.6750547	TSLA	Short-Inefficiency	q70	720
    -0.3903	0.2816	-1.3858	-0.7273768	LLY	Short-Inefficiency	q70	720

    • q70 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.4968	0.2823	1.7599	1.8848099	LLY	Short-Efficiency-Long-Inefficiency	q70	720
      0.4046	0.3248	1.2457	1.4413030	AVGO	Short-Efficiency-Long-Inefficiency	q70	720
      0.2744	0.4990	0.5500	0.8909467	META	Short-Efficiency-Long-Inefficiency	q70	720
      0.2382	0.2914	0.8177	0.7530348	CVX	Short-Efficiency-Long-Inefficiency	q70	720
      0.2101	0.3233	0.6496	0.6501546	XOM	Short-Efficiency-Long-Inefficiency	q70	720
      0.1712	0.2851	0.6003	0.5144176	MSFT	Short-Efficiency-Long-Inefficiency	q70	720
      0.1050	0.2190	0.4794	0.2999584	UNH	Short-Efficiency-Long-Inefficiency	q70	720
      0.0843	0.3192	0.2641	0.2368379	GOOGL	Short-Efficiency-Long-Inefficiency	q70	720
      0.0827	0.3184	0.2597	0.2320631	GOOG	Short-Efficiency-Long-Inefficiency	q70	720
      0.0654	0.6114	0.1070	0.1811473	TSLA	Short-Efficiency-Long-Inefficiency	q70	720
      0.0598	0.2911	0.2053	0.1647071	AAPL	Short-Efficiency-Long-Inefficiency	q70	720
      0.0490	0.1592	0.3077	0.1338529	JNJ	Short-Efficiency-Long-Inefficiency	q70	720
      0.0333	0.2577	0.1294	0.0899524	JPM	Short-Efficiency-Long-Inefficiency	q70	720
      0.0326	0.2831	0.1151	0.0878790	MA	Short-Efficiency-Long-Inefficiency	q70	720
      0.0267	0.2558	0.1043	0.0716209	HD	Short-Efficiency-Long-Inefficiency	q70	720
      0.0217	0.1772	0.1226	0.0581044	PG	Short-Efficiency-Long-Inefficiency	q70	720
      0.0093	0.2557	0.0365	0.0246868	V	Short-Efficiency-Long-Inefficiency	q70	720
      -0.0251	0.5408	-0.0464	-0.0645948	NVDA	Short-Efficiency-Long-Inefficiency	q70	720
      -0.1438	0.3797	-0.3789	-0.3349976	AMZN	Short-Efficiency-Long-Inefficiency	q70	720

      • q70 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.1451	0.3101	0.4680	0.4275402	META	Short-Efficiency	q70	720
        0.0214	0.0487	0.4392	0.0571595	AVGO	Short-Efficiency	q70	720
        0.0129	0.0212	0.6105	0.0343769	MSFT	Short-Efficiency	q70	720
        0.0109	0.0178	0.6116	0.0287947	MA	Short-Efficiency	q70	720
        0.0099	0.0162	0.6120	0.0262154	TSLA	Short-Efficiency	q70	720
        -0.0011	0.0018	-0.6175	-0.0029578	V	Short-Efficiency	q70	720
        -0.0040	0.0065	-0.6190	-0.0104878	UNH	Short-Efficiency	q70	720
        -0.0057	0.0092	-0.6199	-0.0149479	JNJ	Short-Efficiency	q70	720
        -0.0079	0.0127	-0.6209	-0.0205312	HD	Short-Efficiency	q70	720
        -0.0081	0.1819	-0.0443	-0.0210154	GOOGL	Short-Efficiency	q70	720
        -0.0087	0.0319	-0.2735	-0.0227296	PG	Short-Efficiency	q70	720
        -0.0096	0.1785	-0.0536	-0.0249301	GOOG	Short-Efficiency	q70	720
        -0.0113	0.0181	-0.6227	-0.0292863	LLY	Short-Efficiency	q70	720
        -0.0203	0.0453	-0.4487	-0.0525169	JPM	Short-Efficiency	q70	720
        -0.0238	0.2091	-0.1137	-0.0612664	AMZN	Short-Efficiency	q70	720
        -0.0245	0.0495	-0.4937	-0.0629714	CVX	Short-Efficiency	q70	720
        -0.0477	0.0807	-0.5917	-0.1205715	AAPL	Short-Efficiency	q70	720
        -0.1148	0.1734	-0.6621	-0.2740798	XOM	Short-Efficiency	q70	720
        -0.1520	0.1742	-0.8728	-0.3515791	NVDA	Short-Efficiency	q70	720

        Significance q90

• q90 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.0984	0.5407	0.1820	0.2796517	NVDA	Short-Inefficiency-Long-Efficiency	q90	720
  0.0422	0.3796	0.1111	0.1146718	AMZN	Short-Inefficiency-Long-Efficiency	q90	720
  0.0412	0.3236	0.1273	0.1119295	XOM	Short-Inefficiency-Long-Efficiency	q90	720
  0.0021	0.2831	0.0073	0.0054100	MA	Short-Inefficiency-Long-Efficiency	q90	720
  -0.0245	0.3185	-0.0770	-0.0631666	GOOG	Short-Inefficiency-Long-Efficiency	q90	720
  -0.0353	0.2558	-0.1381	-0.0901356	HD	Short-Inefficiency-Long-Efficiency	q90	720
  -0.0391	0.2912	-0.1342	-0.0994441	AAPL	Short-Inefficiency-Long-Efficiency	q90	720
  -0.0455	0.1772	-0.2565	-0.1150490	PG	Short-Inefficiency-Long-Efficiency	q90	720
  -0.0638	0.1592	-0.4005	-0.1589394	JNJ	Short-Inefficiency-Long-Efficiency	q90	720
  -0.0719	0.2557	-0.2813	-0.1780728	V	Short-Inefficiency-Long-Efficiency	q90	720
  -0.1061	0.3193	-0.3324	-0.2552707	GOOGL	Short-Inefficiency-Long-Efficiency	q90	720
  -0.1193	0.2576	-0.4632	-0.2838321	JPM	Short-Inefficiency-Long-Efficiency	q90	720
  -0.1374	0.2190	-0.6275	-0.3218632	UNH	Short-Inefficiency-Long-Efficiency	q90	720
  -0.1493	0.3257	-0.4584	-0.3460250	AVGO	Short-Inefficiency-Long-Efficiency	q90	720
  -0.2129	0.2851	-0.7467	-0.4667713	MSFT	Short-Inefficiency-Long-Efficiency	q90	720
  -0.2964	0.2912	-1.0181	-0.6029080	CVX	Short-Inefficiency-Long-Efficiency	q90	720
  -0.3464	0.6114	-0.5665	-0.6727305	TSLA	Short-Inefficiency-Long-Efficiency	q90	720
  -0.3526	0.2825	-1.2480	-0.6809071	LLY	Short-Inefficiency-Long-Efficiency	q90	720
  -0.3673	0.4991	-0.7359	-0.6995656	META	Short-Inefficiency-Long-Efficiency	q90	720

  • q90 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0489	0.3107	0.1574	0.1336672	AMZN	Short-Inefficiency	q90	720
    -0.0408	0.2742	-0.1486	-0.1035490	MA	Short-Inefficiency	q90	720
    -0.0554	0.1716	-0.3227	-0.1390117	PG	Short-Inefficiency	q90	720
    -0.0639	0.2012	-0.3177	-0.1592910	GOOG	Short-Inefficiency	q90	720
    -0.0683	0.2523	-0.2708	-0.1696391	HD	Short-Inefficiency	q90	720
    -0.0721	0.1566	-0.4602	-0.1783914	JNJ	Short-Inefficiency	q90	720
    -0.0730	0.2557	-0.2854	-0.1804967	V	Short-Inefficiency	q90	720
    -0.1033	0.2046	-0.5048	-0.2490733	GOOGL	Short-Inefficiency	q90	720
    -0.1207	0.2608	-0.4627	-0.2866826	AAPL	Short-Inefficiency	q90	720
    -0.1227	0.2510	-0.4890	-0.2910360	JPM	Short-Inefficiency	q90	720
    -0.1409	0.2189	-0.6434	-0.3289016	UNH	Short-Inefficiency	q90	720
    -0.1849	0.4783	-0.3867	-0.4156016	NVDA	Short-Inefficiency	q90	720
    -0.1912	0.2452	-0.7795	-0.4272552	XOM	Short-Inefficiency	q90	720
    -0.2023	0.2843	-0.7115	-0.4477879	MSFT	Short-Inefficiency	q90	720
    -0.2030	0.3510	-0.5784	-0.4490381	META	Short-Inefficiency	q90	720
    -0.2392	0.2996	-0.7982	-0.5122883	AVGO	Short-Inefficiency	q90	720
    -0.2929	0.2837	-1.0323	-0.5976456	CVX	Short-Inefficiency	q90	720
    -0.3439	0.6111	-0.5628	-0.6694873	TSLA	Short-Inefficiency	q90	720
    -0.3737	0.2732	-1.3676	-0.7074724	LLY	Short-Inefficiency	q90	720

    • q90 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.4253	0.2825	1.5052	1.5368753	LLY	Short-Efficiency-Long-Inefficiency	q90	720
      0.3054	0.2912	1.0489	1.0139016	CVX	Short-Efficiency-Long-Inefficiency	q90	720
      0.2273	0.4991	0.4554	0.7126322	META	Short-Efficiency-Long-Inefficiency	q90	720
      0.1712	0.2851	0.6003	0.5144176	MSFT	Short-Efficiency-Long-Inefficiency	q90	720
      0.1050	0.2190	0.4794	0.2999584	UNH	Short-Efficiency-Long-Inefficiency	q90	720
      0.0626	0.2576	0.2430	0.1729767	JPM	Short-Efficiency-Long-Inefficiency	q90	720
      0.0572	0.3257	0.1756	0.1573020	AVGO	Short-Efficiency-Long-Inefficiency	q90	720
      0.0518	0.6114	0.0848	0.1420148	TSLA	Short-Efficiency-Long-Inefficiency	q90	720
      0.0414	0.1592	0.2600	0.1124380	JNJ	Short-Efficiency-Long-Inefficiency	q90	720
      0.0153	0.1772	0.0861	0.0405831	PG	Short-Efficiency-Long-Inefficiency	q90	720
      0.0104	0.3193	0.0325	0.0274549	GOOGL	Short-Efficiency-Long-Inefficiency	q90	720
      0.0093	0.2557	0.0365	0.0246868	V	Short-Efficiency-Long-Inefficiency	q90	720
      -0.0290	0.2558	-0.1134	-0.0744018	HD	Short-Efficiency-Long-Inefficiency	q90	720
      -0.0439	0.2912	-0.1506	-0.1111703	AAPL	Short-Efficiency-Long-Inefficiency	q90	720
      -0.0737	0.3185	-0.2314	-0.1821544	GOOG	Short-Efficiency-Long-Inefficiency	q90	720
      -0.0789	0.2831	-0.2786	-0.1941198	MA	Short-Efficiency-Long-Inefficiency	q90	720
      -0.1351	0.3236	-0.4173	-0.3169140	XOM	Short-Efficiency-Long-Inefficiency	q90	720
      -0.1694	0.3796	-0.4462	-0.3858908	AMZN	Short-Efficiency-Long-Inefficiency	q90	720
      -0.3209	0.5407	-0.5935	-0.6382111	NVDA	Short-Efficiency-Long-Inefficiency	q90	720

      • q90 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.1070	0.3551	0.3013	0.3061244	META	Short-Efficiency	q90	720
        0.0129	0.0212	0.6105	0.0343769	MSFT	Short-Efficiency	q90	720
        0.0034	0.0192	0.1762	0.0089293	TSLA	Short-Efficiency	q90	720
        0.0007	0.0655	0.0112	0.0019248	CVX	Short-Efficiency	q90	720
        -0.0011	0.0018	-0.6175	-0.0029578	V	Short-Efficiency	q90	720
        -0.0040	0.0065	-0.6190	-0.0104878	UNH	Short-Efficiency	q90	720
        -0.0072	0.0582	-0.1238	-0.0188038	JPM	Short-Efficiency	q90	720
        -0.0097	0.0287	-0.3371	-0.0252418	JNJ	Short-Efficiency	q90	720
        -0.0123	0.0441	-0.2791	-0.0320411	PG	Short-Efficiency	q90	720
        -0.0359	0.0422	-0.8514	-0.0916453	HD	Short-Efficiency	q90	720
        -0.0374	0.0710	-0.5267	-0.0953364	LLY	Short-Efficiency	q90	720
        -0.0403	0.2181	-0.1849	-0.1024802	AMZN	Short-Efficiency	q90	720
        -0.0475	0.0704	-0.6743	-0.1199158	MA	Short-Efficiency	q90	720
        -0.0553	0.2450	-0.2255	-0.1386994	GOOGL	Short-Efficiency	q90	720
        -0.0971	0.2468	-0.3933	-0.2353040	GOOG	Short-Efficiency	q90	720
        -0.1001	0.1293	-0.7743	-0.2420059	AAPL	Short-Efficiency	q90	720
        -0.1200	0.1267	-0.9468	-0.2851605	AVGO	Short-Efficiency	q90	720
        -0.2570	0.2102	-1.2222	-0.5416933	XOM	Short-Efficiency	q90	720
        -0.3041	0.2518	-1.2081	-0.6142467	NVDA	Short-Efficiency	q90	720

        Significance q95

• q95 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.3149	0.3230	0.9750	1.0529228	XOM	Short-Inefficiency-Long-Efficiency	q95	720
  0.2312	0.5404	0.4278	0.7269636	NVDA	Short-Inefficiency-Long-Efficiency	q95	720
  0.0386	0.3796	0.1018	0.1047277	AMZN	Short-Inefficiency-Long-Efficiency	q95	720
  0.0312	0.3184	0.0981	0.0841608	GOOG	Short-Inefficiency-Long-Efficiency	q95	720
  0.0309	0.2577	0.1200	0.0832646	JPM	Short-Inefficiency-Long-Efficiency	q95	720
  0.0189	0.2831	0.0668	0.0504320	MA	Short-Inefficiency-Long-Efficiency	q95	720
  -0.0120	0.3193	-0.0375	-0.0311698	GOOGL	Short-Inefficiency-Long-Efficiency	q95	720
  -0.0184	0.1772	-0.1039	-0.0476500	PG	Short-Inefficiency-Long-Efficiency	q95	720
  -0.0279	0.1592	-0.1751	-0.0715860	JNJ	Short-Inefficiency-Long-Efficiency	q95	720
  -0.0330	0.3257	-0.1012	-0.0842854	AVGO	Short-Inefficiency-Long-Efficiency	q95	720
  -0.0510	0.2912	-0.1752	-0.1285293	AAPL	Short-Inefficiency-Long-Efficiency	q95	720
  -0.0528	0.2558	-0.2065	-0.1328886	HD	Short-Inefficiency-Long-Efficiency	q95	720
  -0.0719	0.2557	-0.2813	-0.1780728	V	Short-Inefficiency-Long-Efficiency	q95	720
  -0.1447	0.2190	-0.6607	-0.3367788	UNH	Short-Inefficiency-Long-Efficiency	q95	720
  -0.2129	0.2851	-0.7467	-0.4667713	MSFT	Short-Inefficiency-Long-Efficiency	q95	720
  -0.2275	0.2833	-0.8031	-0.4924589	LLY	Short-Inefficiency-Long-Efficiency	q95	720
  -0.2539	0.4994	-0.5085	-0.5367674	META	Short-Inefficiency-Long-Efficiency	q95	720
  -0.2678	0.2913	-0.9194	-0.5590928	CVX	Short-Inefficiency-Long-Efficiency	q95	720
  -0.3405	0.6114	-0.5569	-0.6649556	TSLA	Short-Inefficiency-Long-Efficiency	q95	720

  • q95 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0476	0.3094	0.1537	0.1298344	AMZN	Short-Inefficiency	q95	720
    -0.0324	0.2730	-0.1187	-0.0828630	MA	Short-Inefficiency	q95	720
    -0.0337	0.1806	-0.1868	-0.0861970	GOOG	Short-Inefficiency	q95	720
    -0.0419	0.1706	-0.2457	-0.1064114	PG	Short-Inefficiency	q95	720
    -0.0488	0.2424	-0.2013	-0.1231508	JPM	Short-Inefficiency	q95	720
    -0.0522	0.1765	-0.2957	-0.1313254	GOOGL	Short-Inefficiency	q95	720
    -0.0536	0.1505	-0.3559	-0.1346487	JNJ	Short-Inefficiency	q95	720
    -0.0730	0.2557	-0.2854	-0.1804967	V	Short-Inefficiency	q95	720
    -0.0766	0.2515	-0.3047	-0.1889887	HD	Short-Inefficiency	q95	720
    -0.0860	0.2217	-0.3878	-0.2103257	XOM	Short-Inefficiency	q95	720
    -0.1244	0.2528	-0.4919	-0.2945126	AAPL	Short-Inefficiency	q95	720
    -0.1303	0.3368	-0.3868	-0.3069329	META	Short-Inefficiency	q95	720
    -0.1332	0.4689	-0.2841	-0.3131646	NVDA	Short-Inefficiency	q95	720
    -0.1445	0.2188	-0.6602	-0.3362822	UNH	Short-Inefficiency	q95	720
    -0.1853	0.2852	-0.6499	-0.4163520	AVGO	Short-Inefficiency	q95	720
    -0.2023	0.2843	-0.7115	-0.4477879	MSFT	Short-Inefficiency	q95	720
    -0.2782	0.2816	-0.9881	-0.5753262	CVX	Short-Inefficiency	q95	720
    -0.3130	0.2579	-1.2134	-0.6269722	LLY	Short-Inefficiency	q95	720
    -0.3405	0.6100	-0.5582	-0.6650241	TSLA	Short-Inefficiency	q95	720

    • q95 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.2544	0.2913	0.8733	0.8137701	CVX	Short-Efficiency-Long-Inefficiency	q95	720
      0.1945	0.2833	0.6865	0.5949425	LLY	Short-Efficiency-Long-Inefficiency	q95	720
      0.1712	0.2851	0.6003	0.5144176	MSFT	Short-Efficiency-Long-Inefficiency	q95	720
      0.1144	0.2190	0.5224	0.3291940	UNH	Short-Efficiency-Long-Inefficiency	q95	720
      0.0425	0.6114	0.0695	0.1155136	TSLA	Short-Efficiency-Long-Inefficiency	q95	720
      0.0408	0.4994	0.0817	0.1107458	META	Short-Efficiency-Long-Inefficiency	q95	720
      0.0093	0.2557	0.0365	0.0246868	V	Short-Efficiency-Long-Inefficiency	q95	720
      0.0030	0.1592	0.0185	0.0077701	JNJ	Short-Efficiency-Long-Inefficiency	q95	720
      -0.0110	0.2558	-0.0432	-0.0287651	HD	Short-Efficiency-Long-Inefficiency	q95	720
      -0.0127	0.1772	-0.0717	-0.0330603	PG	Short-Efficiency-Long-Inefficiency	q95	720
      -0.0318	0.2912	-0.1094	-0.0815059	AAPL	Short-Efficiency-Long-Inefficiency	q95	720
      -0.0700	0.3257	-0.2148	-0.1734907	AVGO	Short-Efficiency-Long-Inefficiency	q95	720
      -0.0859	0.3193	-0.2691	-0.2102065	GOOGL	Short-Efficiency-Long-Inefficiency	q95	720
      -0.0923	0.2577	-0.3580	-0.2245216	JPM	Short-Efficiency-Long-Inefficiency	q95	720
      -0.0941	0.2831	-0.3324	-0.2286602	MA	Short-Efficiency-Long-Inefficiency	q95	720
      -0.1238	0.3184	-0.3887	-0.2932920	GOOG	Short-Efficiency-Long-Inefficiency	q95	720
      -0.1666	0.3796	-0.4387	-0.3803630	AMZN	Short-Efficiency-Long-Inefficiency	q95	720
      -0.3151	0.3230	-0.9754	-0.6300185	XOM	Short-Efficiency-Long-Inefficiency	q95	720
      -0.3942	0.5404	-0.7293	-0.7319203	NVDA	Short-Efficiency-Long-Inefficiency	q95	720

      • q95 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.0144	0.3689	0.0391	0.0383191	META	Short-Efficiency	q95	720
        0.0129	0.0212	0.6105	0.0343769	MSFT	Short-Efficiency	q95	720
        0.0002	0.0094	0.0208	0.0005157	UNH	Short-Efficiency	q95	720
        -0.0011	0.0018	-0.6175	-0.0029578	V	Short-Efficiency	q95	720
        -0.0017	0.0406	-0.0424	-0.0045137	TSLA	Short-Efficiency	q95	720
        -0.0196	0.0745	-0.2636	-0.0507329	CVX	Short-Efficiency	q95	720
        -0.0262	0.0480	-0.5461	-0.0673546	PG	Short-Efficiency	q95	720
        -0.0272	0.0464	-0.5870	-0.0699733	HD	Short-Efficiency	q95	720
        -0.0290	0.0520	-0.5589	-0.0745149	JNJ	Short-Efficiency	q95	720
        -0.0391	0.2200	-0.1776	-0.0994355	AMZN	Short-Efficiency	q95	720
        -0.0557	0.0751	-0.7413	-0.1397661	MA	Short-Efficiency	q95	720
        -0.0844	0.0874	-0.9654	-0.2066677	JPM	Short-Efficiency	q95	720
        -0.0963	0.1443	-0.6675	-0.2335932	AAPL	Short-Efficiency	q95	720
        -0.1062	0.2660	-0.3993	-0.2554477	GOOGL	Short-Efficiency	q95	720
        -0.1225	0.1157	-1.0584	-0.2905647	LLY	Short-Efficiency	q95	720
        -0.1253	0.2623	-0.4777	-0.2964711	GOOG	Short-Efficiency	q95	720
        -0.1781	0.1567	-1.1368	-0.4026612	AVGO	Short-Efficiency	q95	720
        -0.3425	0.2346	-1.4601	-0.6675936	XOM	Short-Efficiency	q95	720
        -0.3456	0.2685	-1.2875	-0.6717793	NVDA	Short-Efficiency	q95	720

        Significance q99

• q99 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.4064	0.3227	1.2592	1.4495667	XOM	Short-Inefficiency-Long-Efficiency	q99	720
  0.1371	0.5406	0.2536	0.4014067	NVDA	Short-Inefficiency-Long-Efficiency	q99	720
  0.1093	0.3256	0.3357	0.3132544	AVGO	Short-Inefficiency-Long-Efficiency	q99	720
  0.0746	0.2576	0.2895	0.2079676	JPM	Short-Inefficiency-Long-Efficiency	q99	720
  0.0303	0.2831	0.1071	0.0816449	MA	Short-Inefficiency-Long-Efficiency	q99	720
  0.0061	0.1772	0.0342	0.0160136	PG	Short-Inefficiency-Long-Efficiency	q99	720
  -0.0102	0.3797	-0.0269	-0.0265746	AMZN	Short-Inefficiency-Long-Efficiency	q99	720
  -0.0611	0.1592	-0.3835	-0.1525564	JNJ	Short-Inefficiency-Long-Efficiency	q99	720
  -0.0896	0.2557	-0.3504	-0.2185415	V	Short-Inefficiency-Long-Efficiency	q99	720
  -0.1067	0.2191	-0.4868	-0.2564153	UNH	Short-Inefficiency-Long-Efficiency	q99	720
  -0.1164	0.3184	-0.3656	-0.2775578	GOOG	Short-Inefficiency-Long-Efficiency	q99	720
  -0.1253	0.2836	-0.4419	-0.2965430	LLY	Short-Inefficiency-Long-Efficiency	q99	720
  -0.1343	0.2917	-0.4605	-0.3154347	CVX	Short-Inefficiency-Long-Efficiency	q99	720
  -0.1466	0.2557	-0.5736	-0.3407054	HD	Short-Inefficiency-Long-Efficiency	q99	720
  -0.1684	0.3192	-0.5278	-0.3840453	GOOGL	Short-Inefficiency-Long-Efficiency	q99	720
  -0.1818	0.2910	-0.6247	-0.4097173	AAPL	Short-Inefficiency-Long-Efficiency	q99	720
  -0.1839	0.2852	-0.6448	-0.4136674	MSFT	Short-Inefficiency-Long-Efficiency	q99	720
  -0.2805	0.4994	-0.5618	-0.5789254	META	Short-Inefficiency-Long-Efficiency	q99	720
  -0.4010	0.6112	-0.6560	-0.7397855	TSLA	Short-Inefficiency-Long-Efficiency	q99	720

  • q99 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0230	0.3082	0.0746	0.0615699	AMZN	Short-Inefficiency	q99	720
    -0.0230	0.2163	-0.1065	-0.0594219	JPM	Short-Inefficiency	q99	720
    -0.0230	0.2577	-0.0894	-0.0594069	MA	Short-Inefficiency	q99	720
    -0.0300	0.1702	-0.1762	-0.0768376	PG	Short-Inefficiency	q99	720
    -0.0478	0.1862	-0.2570	-0.1208355	XOM	Short-Inefficiency	q99	720
    -0.0694	0.1471	-0.4718	-0.1721432	JNJ	Short-Inefficiency	q99	720
    -0.0805	0.2502	-0.3220	-0.1979657	V	Short-Inefficiency	q99	720
    -0.1011	0.1505	-0.6719	-0.2442687	GOOG	Short-Inefficiency	q99	720
    -0.1196	0.2519	-0.4748	-0.2844215	AVGO	Short-Inefficiency	q99	720
    -0.1215	0.2418	-0.5024	-0.2883702	HD	Short-Inefficiency	q99	720
    -0.1250	0.2154	-0.5802	-0.2958339	UNH	Short-Inefficiency	q99	720
    -0.1263	0.1468	-0.8606	-0.2986161	GOOGL	Short-Inefficiency	q99	720
    -0.1308	0.2800	-0.4671	-0.3080117	META	Short-Inefficiency	q99	720
    -0.1601	0.4508	-0.3551	-0.3675904	NVDA	Short-Inefficiency	q99	720
    -0.1790	0.2105	-0.8503	-0.4043095	AAPL	Short-Inefficiency	q99	720
    -0.1868	0.2800	-0.6671	-0.4190396	MSFT	Short-Inefficiency	q99	720
    -0.2130	0.2717	-0.7838	-0.4669231	CVX	Short-Inefficiency	q99	720
    -0.2645	0.2335	-1.1327	-0.5537582	LLY	Short-Inefficiency	q99	720
    -0.3688	0.6027	-0.6118	-0.7013719	TSLA	Short-Inefficiency	q99	720

    • q99 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.1478	0.6112	0.2418	0.4363022	TSLA	Short-Efficiency-Long-Inefficiency	q99	720
      0.1296	0.2852	0.4544	0.3772576	MSFT	Short-Efficiency-Long-Inefficiency	q99	720
      0.1229	0.2910	0.4224	0.3560296	AAPL	Short-Efficiency-Long-Inefficiency	q99	720
      0.0977	0.2557	0.3820	0.2773787	HD	Short-Efficiency-Long-Inefficiency	q99	720
      0.0861	0.3192	0.2697	0.2422598	GOOGL	Short-Efficiency-Long-Inefficiency	q99	720
      0.0793	0.4994	0.1588	0.2219537	META	Short-Efficiency-Long-Inefficiency	q99	720
      0.0669	0.2191	0.3055	0.1855402	UNH	Short-Efficiency-Long-Inefficiency	q99	720
      0.0610	0.2917	0.2090	0.1681928	CVX	Short-Efficiency-Long-Inefficiency	q99	720
      0.0549	0.2836	0.1936	0.1507440	LLY	Short-Efficiency-Long-Inefficiency	q99	720
      0.0384	0.1592	0.2412	0.1040591	JNJ	Short-Efficiency-Long-Inefficiency	q99	720
      0.0289	0.2557	0.1131	0.0777513	V	Short-Efficiency-Long-Inefficiency	q99	720
      0.0226	0.3184	0.0711	0.0605486	GOOG	Short-Efficiency-Long-Inefficiency	q99	720
      -0.0367	0.1772	-0.2073	-0.0936489	PG	Short-Efficiency-Long-Inefficiency	q99	720
      -0.1041	0.2831	-0.3679	-0.2509187	MA	Short-Efficiency-Long-Inefficiency	q99	720
      -0.1254	0.3797	-0.3304	-0.2967821	AMZN	Short-Efficiency-Long-Inefficiency	q99	720
      -0.1291	0.2576	-0.5013	-0.3045771	JPM	Short-Efficiency-Long-Inefficiency	q99	720
      -0.1892	0.3256	-0.5812	-0.4236862	AVGO	Short-Efficiency-Long-Inefficiency	q99	720
      -0.3440	0.5406	-0.6363	-0.6696435	NVDA	Short-Efficiency-Long-Inefficiency	q99	720
      -0.3596	0.3227	-1.1143	-0.6899274	XOM	Short-Efficiency-Long-Inefficiency	q99	720

      • q99 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.0429	0.1020	0.4204	0.1166528	TSLA	Short-Efficiency	q99	720
        0.0224	0.0833	0.2690	0.0599081	HD	Short-Efficiency	q99	720
        0.0150	0.4136	0.0363	0.0399378	META	Short-Efficiency	q99	720
        0.0071	0.0531	0.1337	0.0187587	V	Short-Efficiency	q99	720
        -0.0064	0.0543	-0.1185	-0.0168084	MSFT	Short-Efficiency	q99	720
        -0.0125	0.0610	-0.2056	-0.0325987	JNJ	Short-Efficiency	q99	720
        -0.0160	0.2217	-0.0722	-0.0415245	AMZN	Short-Efficiency	q99	720
        -0.0221	0.0399	-0.5539	-0.0569553	UNH	Short-Efficiency	q99	720
        -0.0304	0.2834	-0.1072	-0.0778607	GOOGL	Short-Efficiency	q99	720
        -0.0362	0.2009	-0.1802	-0.0923301	AAPL	Short-Efficiency	q99	720
        -0.0382	0.0495	-0.7709	-0.0972322	PG	Short-Efficiency	q99	720
        -0.0597	0.2806	-0.2128	-0.1493182	GOOG	Short-Efficiency	q99	720
        -0.0647	0.1172	-0.5525	-0.1612182	MA	Short-Efficiency	q99	720
        -0.1009	0.1054	-0.9569	-0.2437697	CVX	Short-Efficiency	q99	720
        -0.1085	0.1399	-0.7756	-0.2604200	JPM	Short-Efficiency	q99	720
        -0.1804	0.1597	-1.1297	-0.4069603	LLY	Short-Efficiency	q99	720
        -0.2395	0.2058	-1.1637	-0.5127919	AVGO	Short-Efficiency	q99	720
        -0.3247	0.2981	-1.0894	-0.6435323	NVDA	Short-Efficiency	q99	720
        -0.3688	0.2634	-1.4000	-0.7014293	XOM	Short-Efficiency	q99	720

        [1] “”

1080 Window

Significance q70

• q70 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.0522	0.2405	0.2169	0.0628351	UNH	Short-Inefficiency-Long-Efficiency	q70	1080
  0.0509	0.4594	0.1107	0.0612655	AMZN	Short-Inefficiency-Long-Efficiency	q70	1080
  0.0314	0.6432	0.0488	0.0376914	TSLA	Short-Inefficiency-Long-Efficiency	q70	1080
  0.0176	0.3061	0.0576	0.0211582	CVX	Short-Inefficiency-Long-Efficiency	q70	1080
  0.0139	0.1640	0.0849	0.0167154	JNJ	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.0064	0.3766	-0.0170	-0.0076660	GOOGL	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.0119	0.1979	-0.0600	-0.0142241	PG	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.0133	0.3790	-0.0351	-0.0159037	GOOG	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.0964	0.2865	-0.3364	-0.1143985	HD	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.1072	0.2705	-0.3964	-0.1270931	MA	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.1113	0.2544	-0.4375	-0.1318714	V	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.1544	0.2751	-0.5610	-0.1820205	JPM	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.1603	0.3220	-0.4977	-0.1888843	AAPL	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.1907	0.3330	-0.5728	-0.2240294	MSFT	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.2130	0.3235	-0.6586	-0.2495563	XOM	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.3283	0.3526	-0.9309	-0.3792406	AVGO	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.3382	0.5903	-0.5729	-0.3901906	META	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.3456	0.2624	-1.3173	-0.3984241	LLY	Short-Inefficiency-Long-Efficiency	q70	1080
  -0.4987	0.6025	-0.8277	-0.5628514	NVDA	Short-Inefficiency-Long-Efficiency	q70	1080

  • q70 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0534	0.2404	0.2220	0.0643086	UNH	Short-Inefficiency	q70	1080
    0.0447	0.4594	0.0973	0.0538004	AMZN	Short-Inefficiency	q70	1080
    0.0247	0.1636	0.1507	0.0296160	JNJ	Short-Inefficiency	q70	1080
    0.0150	0.6429	0.0233	0.0179489	TSLA	Short-Inefficiency	q70	1080
    0.0065	0.3058	0.0211	0.0077400	CVX	Short-Inefficiency	q70	1080
    -0.0039	0.1977	-0.0198	-0.0047007	PG	Short-Inefficiency	q70	1080
    -0.0125	0.3766	-0.0333	-0.0149953	GOOGL	Short-Inefficiency	q70	1080
    -0.0178	0.3790	-0.0471	-0.0213336	GOOG	Short-Inefficiency	q70	1080
    -0.0855	0.2863	-0.2987	-0.1015921	HD	Short-Inefficiency	q70	1080
    -0.1051	0.2705	-0.3885	-0.1245940	MA	Short-Inefficiency	q70	1080
    -0.1126	0.2544	-0.4427	-0.1334176	V	Short-Inefficiency	q70	1080
    -0.1563	0.2743	-0.5699	-0.1842792	JPM	Short-Inefficiency	q70	1080
    -0.1593	0.3220	-0.4948	-0.1878027	AAPL	Short-Inefficiency	q70	1080
    -0.1924	0.3330	-0.5778	-0.2259355	MSFT	Short-Inefficiency	q70	1080
    -0.2158	0.3159	-0.6831	-0.2527086	XOM	Short-Inefficiency	q70	1080
    -0.3397	0.5903	-0.5755	-0.3918952	META	Short-Inefficiency	q70	1080
    -0.3400	0.2623	-1.2966	-0.3922728	LLY	Short-Inefficiency	q70	1080
    -0.3402	0.3520	-0.9667	-0.3924872	AVGO	Short-Inefficiency	q70	1080
    -0.5086	0.6020	-0.8449	-0.5732624	NVDA	Short-Inefficiency	q70	1080

    • q70 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.4259	0.2624	1.6234	0.5299141	LLY	Short-Efficiency-Long-Inefficiency	q70	1080
      0.3853	0.6025	0.6395	0.4778267	NVDA	Short-Efficiency-Long-Inefficiency	q70	1080
      0.3143	0.3526	0.8915	0.3875961	AVGO	Short-Efficiency-Long-Inefficiency	q70	1080
      0.1446	0.3235	0.4470	0.1756857	XOM	Short-Efficiency-Long-Inefficiency	q70	1080
      0.1062	0.3330	0.3188	0.1285384	MSFT	Short-Efficiency-Long-Inefficiency	q70	1080
      0.0965	0.2751	0.3505	0.1166670	JPM	Short-Efficiency-Long-Inefficiency	q70	1080
      0.0738	0.3220	0.2290	0.0890193	AAPL	Short-Efficiency-Long-Inefficiency	q70	1080
      0.0627	0.5903	0.1063	0.0756440	META	Short-Efficiency-Long-Inefficiency	q70	1080
      0.0549	0.2544	0.2157	0.0661278	V	Short-Efficiency-Long-Inefficiency	q70	1080
      0.0412	0.2705	0.1525	0.0496242	MA	Short-Efficiency-Long-Inefficiency	q70	1080
      0.0196	0.2865	0.0686	0.0235886	HD	Short-Efficiency-Long-Inefficiency	q70	1080
      -0.0268	0.1979	-0.1352	-0.0319750	PG	Short-Efficiency-Long-Inefficiency	q70	1080
      -0.0398	0.1640	-0.2429	-0.0475625	JNJ	Short-Efficiency-Long-Inefficiency	q70	1080
      -0.1029	0.2405	-0.4278	-0.1219684	UNH	Short-Efficiency-Long-Inefficiency	q70	1080
      -0.1050	0.3061	-0.3431	-0.1245005	CVX	Short-Efficiency-Long-Inefficiency	q70	1080
      -0.1219	0.3790	-0.3216	-0.1442406	GOOG	Short-Efficiency-Long-Inefficiency	q70	1080
      -0.1264	0.3766	-0.3356	-0.1495196	GOOGL	Short-Efficiency-Long-Inefficiency	q70	1080
      -0.2294	0.4594	-0.4994	-0.2682293	AMZN	Short-Efficiency-Long-Inefficiency	q70	1080
      -0.3589	0.6432	-0.5580	-0.4130400	TSLA	Short-Efficiency-Long-Inefficiency	q70	1080

      • q70 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.0119	0.0130	0.9124	0.0142546	HD	Short-Efficiency	q70	1080
        0.0104	0.0114	0.9125	0.0125295	JNJ	Short-Efficiency	q70	1080
        0.0084	0.0092	0.9127	0.0101218	LLY	Short-Efficiency	q70	1080
        0.0080	0.0087	0.9128	0.0095683	PG	Short-Efficiency	q70	1080
        0.0024	0.0026	0.9133	0.0028547	MA	Short-Efficiency	q70	1080
        0.0012	0.0013	0.9134	0.0013844	UNH	Short-Efficiency	q70	1080
        0.0011	0.0012	0.9134	0.0013318	AAPL	Short-Efficiency	q70	1080
        -0.0015	0.0016	-0.9136	-0.0017843	V	Short-Efficiency	q70	1080
        -0.0021	0.0022	-0.9137	-0.0024624	MSFT	Short-Efficiency	q70	1080
        -0.0023	0.0026	-0.9137	-0.0028032	META	Short-Efficiency	q70	1080
        -0.0028	0.0219	-0.1270	-0.0033327	JPM	Short-Efficiency	q70	1080
        -0.0046	0.0051	-0.9139	-0.0055483	GOOG	Short-Efficiency	q70	1080
        -0.0059	0.0065	-0.9140	-0.0070840	AMZN	Short-Efficiency	q70	1080
        -0.0062	0.0068	-0.9140	-0.0074408	GOOGL	Short-Efficiency	q70	1080
        -0.0083	0.0696	-0.1194	-0.0099493	XOM	Short-Efficiency	q70	1080
        -0.0111	0.0122	-0.9145	-0.0133151	CVX	Short-Efficiency	q70	1080
        -0.0162	0.0177	-0.9150	-0.0193944	TSLA	Short-Efficiency	q70	1080
        -0.0182	0.0199	-0.9151	-0.0218048	AVGO	Short-Efficiency	q70	1080
        -0.0204	0.0223	-0.9153	-0.0243966	NVDA	Short-Efficiency	q70	1080

        Significance q90

• q90 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.0522	0.2405	0.2169	0.0628351	UNH	Short-Inefficiency-Long-Efficiency	q90	1080
  0.0509	0.4594	0.1107	0.0612655	AMZN	Short-Inefficiency-Long-Efficiency	q90	1080
  0.0314	0.6432	0.0488	0.0376914	TSLA	Short-Inefficiency-Long-Efficiency	q90	1080
  0.0176	0.3061	0.0576	0.0211582	CVX	Short-Inefficiency-Long-Efficiency	q90	1080
  0.0139	0.1640	0.0849	0.0167154	JNJ	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.0064	0.3766	-0.0170	-0.0076660	GOOGL	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.0119	0.1979	-0.0600	-0.0142241	PG	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.0133	0.3790	-0.0351	-0.0159037	GOOG	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.0964	0.2865	-0.3364	-0.1143985	HD	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.1072	0.2705	-0.3964	-0.1270931	MA	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.1113	0.2544	-0.4375	-0.1318714	V	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.1295	0.3236	-0.4003	-0.1531730	XOM	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.1510	0.2752	-0.5488	-0.1781400	JPM	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.1603	0.3220	-0.4977	-0.1888843	AAPL	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.1907	0.3330	-0.5728	-0.2240294	MSFT	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.3283	0.3526	-0.9309	-0.3792406	AVGO	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.3382	0.5903	-0.5729	-0.3901906	META	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.3456	0.2624	-1.3173	-0.3984241	LLY	Short-Inefficiency-Long-Efficiency	q90	1080
  -0.5704	0.6019	-0.9477	-0.6367299	NVDA	Short-Inefficiency-Long-Efficiency	q90	1080

  • q90 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0534	0.2404	0.2220	0.0643086	UNH	Short-Inefficiency	q90	1080
    0.0447	0.4594	0.0973	0.0538004	AMZN	Short-Inefficiency	q90	1080
    0.0247	0.1636	0.1507	0.0296160	JNJ	Short-Inefficiency	q90	1080
    0.0150	0.6429	0.0233	0.0179489	TSLA	Short-Inefficiency	q90	1080
    0.0065	0.3058	0.0211	0.0077400	CVX	Short-Inefficiency	q90	1080
    -0.0039	0.1977	-0.0198	-0.0047007	PG	Short-Inefficiency	q90	1080
    -0.0125	0.3766	-0.0333	-0.0149953	GOOGL	Short-Inefficiency	q90	1080
    -0.0178	0.3790	-0.0471	-0.0213336	GOOG	Short-Inefficiency	q90	1080
    -0.0855	0.2863	-0.2987	-0.1015921	HD	Short-Inefficiency	q90	1080
    -0.1051	0.2705	-0.3885	-0.1245940	MA	Short-Inefficiency	q90	1080
    -0.1126	0.2544	-0.4427	-0.1334176	V	Short-Inefficiency	q90	1080
    -0.1487	0.2474	-0.6011	-0.1754633	JPM	Short-Inefficiency	q90	1080
    -0.1593	0.3220	-0.4948	-0.1878027	AAPL	Short-Inefficiency	q90	1080
    -0.1744	0.3128	-0.5576	-0.2052284	XOM	Short-Inefficiency	q90	1080
    -0.1924	0.3330	-0.5778	-0.2259355	MSFT	Short-Inefficiency	q90	1080
    -0.3397	0.5903	-0.5755	-0.3918952	META	Short-Inefficiency	q90	1080
    -0.3400	0.2623	-1.2966	-0.3922728	LLY	Short-Inefficiency	q90	1080
    -0.3402	0.3520	-0.9667	-0.3924872	AVGO	Short-Inefficiency	q90	1080
    -0.5415	0.5884	-0.9204	-0.6072740	NVDA	Short-Inefficiency	q90	1080

    • q90 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.6167	0.6019	1.0246	0.7783733	NVDA	Short-Efficiency-Long-Inefficiency	q90	1080
      0.4259	0.2624	1.6234	0.5299141	LLY	Short-Efficiency-Long-Inefficiency	q90	1080
      0.3143	0.3526	0.8915	0.3875961	AVGO	Short-Efficiency-Long-Inefficiency	q90	1080
      0.1062	0.3330	0.3188	0.1285384	MSFT	Short-Efficiency-Long-Inefficiency	q90	1080
      0.0921	0.2752	0.3348	0.1113945	JPM	Short-Efficiency-Long-Inefficiency	q90	1080
      0.0738	0.3220	0.2290	0.0890193	AAPL	Short-Efficiency-Long-Inefficiency	q90	1080
      0.0627	0.5903	0.1063	0.0756440	META	Short-Efficiency-Long-Inefficiency	q90	1080
      0.0549	0.2544	0.2157	0.0661278	V	Short-Efficiency-Long-Inefficiency	q90	1080
      0.0412	0.2705	0.1525	0.0496242	MA	Short-Efficiency-Long-Inefficiency	q90	1080
      0.0348	0.3236	0.1076	0.0418727	XOM	Short-Efficiency-Long-Inefficiency	q90	1080
      0.0196	0.2865	0.0686	0.0235886	HD	Short-Efficiency-Long-Inefficiency	q90	1080
      -0.0268	0.1979	-0.1352	-0.0319750	PG	Short-Efficiency-Long-Inefficiency	q90	1080
      -0.0398	0.1640	-0.2429	-0.0475625	JNJ	Short-Efficiency-Long-Inefficiency	q90	1080
      -0.1029	0.2405	-0.4278	-0.1219684	UNH	Short-Efficiency-Long-Inefficiency	q90	1080
      -0.1050	0.3061	-0.3431	-0.1245005	CVX	Short-Efficiency-Long-Inefficiency	q90	1080
      -0.1219	0.3790	-0.3216	-0.1442406	GOOG	Short-Efficiency-Long-Inefficiency	q90	1080
      -0.1264	0.3766	-0.3356	-0.1495196	GOOGL	Short-Efficiency-Long-Inefficiency	q90	1080
      -0.2294	0.4594	-0.4994	-0.2682293	AMZN	Short-Efficiency-Long-Inefficiency	q90	1080
      -0.3589	0.6432	-0.5580	-0.4130400	TSLA	Short-Efficiency-Long-Inefficiency	q90	1080

      • q90 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.0499	0.1279	0.3901	0.0600945	NVDA	Short-Efficiency	q90	1080
        0.0119	0.0130	0.9124	0.0142546	HD	Short-Efficiency	q90	1080
        0.0104	0.0114	0.9125	0.0125295	JNJ	Short-Efficiency	q90	1080
        0.0084	0.0092	0.9127	0.0101218	LLY	Short-Efficiency	q90	1080
        0.0080	0.0087	0.9128	0.0095683	PG	Short-Efficiency	q90	1080
        0.0024	0.0026	0.9133	0.0028547	MA	Short-Efficiency	q90	1080
        0.0012	0.0013	0.9134	0.0013844	UNH	Short-Efficiency	q90	1080
        0.0011	0.0012	0.9134	0.0013318	AAPL	Short-Efficiency	q90	1080
        -0.0015	0.0016	-0.9136	-0.0017843	V	Short-Efficiency	q90	1080
        -0.0021	0.0022	-0.9137	-0.0024624	MSFT	Short-Efficiency	q90	1080
        -0.0023	0.0026	-0.9137	-0.0028032	META	Short-Efficiency	q90	1080
        -0.0046	0.0051	-0.9139	-0.0055483	GOOG	Short-Efficiency	q90	1080
        -0.0059	0.0065	-0.9140	-0.0070840	AMZN	Short-Efficiency	q90	1080
        -0.0062	0.0068	-0.9140	-0.0074408	GOOGL	Short-Efficiency	q90	1080
        -0.0111	0.0122	-0.9145	-0.0133151	CVX	Short-Efficiency	q90	1080
        -0.0117	0.1204	-0.0970	-0.0139891	JPM	Short-Efficiency	q90	1080
        -0.0162	0.0177	-0.9150	-0.0193944	TSLA	Short-Efficiency	q90	1080
        -0.0182	0.0199	-0.9151	-0.0218048	AVGO	Short-Efficiency	q90	1080
        -0.0580	0.0826	-0.7025	-0.0690956	XOM	Short-Efficiency	q90	1080

        Significance q95

• q95 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.0681	0.4594	0.1483	0.0821963	AMZN	Short-Inefficiency-Long-Efficiency	q95	1080
  0.0522	0.2405	0.2169	0.0628351	UNH	Short-Inefficiency-Long-Efficiency	q95	1080
  0.0314	0.6432	0.0488	0.0376914	TSLA	Short-Inefficiency-Long-Efficiency	q95	1080
  0.0176	0.3061	0.0576	0.0211582	CVX	Short-Inefficiency-Long-Efficiency	q95	1080
  0.0139	0.1640	0.0849	0.0167154	JNJ	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.0064	0.3766	-0.0170	-0.0076660	GOOGL	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.0077	0.3237	-0.0237	-0.0091958	XOM	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.0119	0.1979	-0.0600	-0.0142241	PG	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.0133	0.3790	-0.0351	-0.0159037	GOOG	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.0964	0.2865	-0.3364	-0.1143985	HD	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.1072	0.2705	-0.3964	-0.1270931	MA	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.1113	0.2544	-0.4375	-0.1318714	V	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.1649	0.2751	-0.5993	-0.1942054	JPM	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.1907	0.3330	-0.5728	-0.2240294	MSFT	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.3283	0.3526	-0.9309	-0.3792406	AVGO	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.3382	0.5903	-0.5729	-0.3901906	META	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.3456	0.2624	-1.3173	-0.3984241	LLY	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.3599	0.3212	-1.1207	-0.4141658	AAPL	Short-Inefficiency-Long-Efficiency	q95	1080
  -0.5415	0.6022	-0.8992	-0.6071817	NVDA	Short-Inefficiency-Long-Efficiency	q95	1080

  • q95 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.0544	0.4570	0.1190	0.0655122	AMZN	Short-Inefficiency	q95	1080
    0.0534	0.2404	0.2220	0.0643086	UNH	Short-Inefficiency	q95	1080
    0.0247	0.1636	0.1507	0.0296160	JNJ	Short-Inefficiency	q95	1080
    0.0150	0.6429	0.0233	0.0179489	TSLA	Short-Inefficiency	q95	1080
    0.0065	0.3058	0.0211	0.0077400	CVX	Short-Inefficiency	q95	1080
    -0.0039	0.1977	-0.0198	-0.0047007	PG	Short-Inefficiency	q95	1080
    -0.0125	0.3766	-0.0333	-0.0149953	GOOGL	Short-Inefficiency	q95	1080
    -0.0178	0.3790	-0.0471	-0.0213336	GOOG	Short-Inefficiency	q95	1080
    -0.0855	0.2863	-0.2987	-0.1015921	HD	Short-Inefficiency	q95	1080
    -0.1051	0.2705	-0.3885	-0.1245940	MA	Short-Inefficiency	q95	1080
    -0.1126	0.2544	-0.4427	-0.1334176	V	Short-Inefficiency	q95	1080
    -0.1170	0.3073	-0.3807	-0.1385329	XOM	Short-Inefficiency	q95	1080
    -0.1529	0.2337	-0.6544	-0.1803367	JPM	Short-Inefficiency	q95	1080
    -0.1924	0.3330	-0.5778	-0.2259355	MSFT	Short-Inefficiency	q95	1080
    -0.2641	0.3132	-0.8432	-0.3074980	AAPL	Short-Inefficiency	q95	1080
    -0.3397	0.5903	-0.5755	-0.3918952	META	Short-Inefficiency	q95	1080
    -0.3400	0.2623	-1.2966	-0.3922728	LLY	Short-Inefficiency	q95	1080
    -0.3402	0.3520	-0.9667	-0.3924872	AVGO	Short-Inefficiency	q95	1080
    -0.5232	0.5771	-0.9066	-0.5883408	NVDA	Short-Inefficiency	q95	1080

    • q95 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.5146	0.6022	0.8545	0.6446021	NVDA	Short-Efficiency-Long-Inefficiency	q95	1080
      0.4259	0.2624	1.6234	0.5299141	LLY	Short-Efficiency-Long-Inefficiency	q95	1080
      0.4087	0.3212	1.2725	0.5077996	AAPL	Short-Efficiency-Long-Inefficiency	q95	1080
      0.3143	0.3526	0.8915	0.3875961	AVGO	Short-Efficiency-Long-Inefficiency	q95	1080
      0.1103	0.2751	0.4008	0.1335528	JPM	Short-Efficiency-Long-Inefficiency	q95	1080
      0.1062	0.3330	0.3188	0.1285384	MSFT	Short-Efficiency-Long-Inefficiency	q95	1080
      0.0627	0.5903	0.1063	0.0756440	META	Short-Efficiency-Long-Inefficiency	q95	1080
      0.0549	0.2544	0.2157	0.0661278	V	Short-Efficiency-Long-Inefficiency	q95	1080
      0.0412	0.2705	0.1525	0.0496242	MA	Short-Efficiency-Long-Inefficiency	q95	1080
      0.0196	0.2865	0.0686	0.0235886	HD	Short-Efficiency-Long-Inefficiency	q95	1080
      -0.0268	0.1979	-0.1352	-0.0319750	PG	Short-Efficiency-Long-Inefficiency	q95	1080
      -0.0398	0.1640	-0.2429	-0.0475625	JNJ	Short-Efficiency-Long-Inefficiency	q95	1080
      -0.0923	0.3237	-0.2850	-0.1095254	XOM	Short-Efficiency-Long-Inefficiency	q95	1080
      -0.1029	0.2405	-0.4278	-0.1219684	UNH	Short-Efficiency-Long-Inefficiency	q95	1080
      -0.1050	0.3061	-0.3431	-0.1245005	CVX	Short-Efficiency-Long-Inefficiency	q95	1080
      -0.1219	0.3790	-0.3216	-0.1442406	GOOG	Short-Efficiency-Long-Inefficiency	q95	1080
      -0.1264	0.3766	-0.3356	-0.1495196	GOOGL	Short-Efficiency-Long-Inefficiency	q95	1080
      -0.2419	0.4594	-0.5265	-0.2823825	AMZN	Short-Efficiency-Long-Inefficiency	q95	1080
      -0.3589	0.6432	-0.5580	-0.4130400	TSLA	Short-Efficiency-Long-Inefficiency	q95	1080

      • q95 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.1436	0.0733	1.9589	0.1744067	AAPL	Short-Efficiency	q95	1080
        0.0119	0.0130	0.9124	0.0142546	HD	Short-Efficiency	q95	1080
        0.0104	0.0114	0.9125	0.0125295	JNJ	Short-Efficiency	q95	1080
        0.0095	0.1724	0.0548	0.0113383	NVDA	Short-Efficiency	q95	1080
        0.0084	0.0092	0.9127	0.0101218	LLY	Short-Efficiency	q95	1080
        0.0080	0.0087	0.9128	0.0095683	PG	Short-Efficiency	q95	1080
        0.0024	0.0026	0.9133	0.0028547	MA	Short-Efficiency	q95	1080
        0.0012	0.0013	0.9134	0.0013844	UNH	Short-Efficiency	q95	1080
        -0.0015	0.0016	-0.9136	-0.0017843	V	Short-Efficiency	q95	1080
        -0.0021	0.0022	-0.9137	-0.0024624	MSFT	Short-Efficiency	q95	1080
        -0.0023	0.0026	-0.9137	-0.0028032	META	Short-Efficiency	q95	1080
        -0.0046	0.0051	-0.9139	-0.0055483	GOOG	Short-Efficiency	q95	1080
        -0.0062	0.0068	-0.9140	-0.0074408	GOOGL	Short-Efficiency	q95	1080
        -0.0068	0.1453	-0.0467	-0.0081266	JPM	Short-Efficiency	q95	1080
        -0.0111	0.0122	-0.9145	-0.0133151	CVX	Short-Efficiency	q95	1080
        -0.0150	0.0469	-0.3210	-0.0179979	AMZN	Short-Efficiency	q95	1080
        -0.0162	0.0177	-0.9150	-0.0193944	TSLA	Short-Efficiency	q95	1080
        -0.0182	0.0199	-0.9151	-0.0218048	AVGO	Short-Efficiency	q95	1080
        -0.1193	0.1012	-1.1787	-0.1411669	XOM	Short-Efficiency	q95	1080

        Significance q99

• q99 : Short-Inefficiency-Long-Efficiency

  Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
  0.5058	0.4583	1.1035	0.6331692	AMZN	Short-Inefficiency-Long-Efficiency	q99	1080
  0.0522	0.2405	0.2169	0.0628351	UNH	Short-Inefficiency-Long-Efficiency	q99	1080
  0.0314	0.6432	0.0488	0.0376914	TSLA	Short-Inefficiency-Long-Efficiency	q99	1080
  0.0176	0.3061	0.0576	0.0211582	CVX	Short-Inefficiency-Long-Efficiency	q99	1080
  0.0139	0.1640	0.0849	0.0167154	JNJ	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.0064	0.3766	-0.0170	-0.0076660	GOOGL	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.0119	0.1979	-0.0600	-0.0142241	PG	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.0133	0.3790	-0.0351	-0.0159037	GOOG	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.0964	0.2865	-0.3364	-0.1143985	HD	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.1072	0.2705	-0.3964	-0.1270931	MA	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.1113	0.2544	-0.4375	-0.1318714	V	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.1907	0.3330	-0.5728	-0.2240294	MSFT	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.2323	0.3234	-0.7183	-0.2715176	XOM	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.2472	0.6033	-0.4098	-0.2884721	NVDA	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.3283	0.3526	-0.9309	-0.3792406	AVGO	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.3371	0.5903	-0.5710	-0.3889750	META	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.3413	0.2742	-1.2445	-0.3936281	JPM	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.3456	0.2624	-1.3173	-0.3984241	LLY	Short-Inefficiency-Long-Efficiency	q99	1080
  -0.4046	0.3208	-1.2612	-0.4627832	AAPL	Short-Inefficiency-Long-Efficiency	q99	1080

  • q99 : Short-Inefficiency

    Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
    0.2581	0.4456	0.5792	0.3167495	AMZN	Short-Inefficiency	q99	1080
    0.0534	0.2404	0.2220	0.0643086	UNH	Short-Inefficiency	q99	1080
    0.0247	0.1636	0.1507	0.0296160	JNJ	Short-Inefficiency	q99	1080
    0.0150	0.6429	0.0233	0.0179489	TSLA	Short-Inefficiency	q99	1080
    0.0065	0.3058	0.0211	0.0077400	CVX	Short-Inefficiency	q99	1080
    -0.0039	0.1977	-0.0198	-0.0047007	PG	Short-Inefficiency	q99	1080
    -0.0125	0.3766	-0.0333	-0.0149953	GOOGL	Short-Inefficiency	q99	1080
    -0.0178	0.3790	-0.0471	-0.0213336	GOOG	Short-Inefficiency	q99	1080
    -0.0855	0.2863	-0.2987	-0.1015921	HD	Short-Inefficiency	q99	1080
    -0.1051	0.2705	-0.3885	-0.1245940	MA	Short-Inefficiency	q99	1080
    -0.1126	0.2544	-0.4427	-0.1334176	V	Short-Inefficiency	q99	1080
    -0.1924	0.3330	-0.5778	-0.2259355	MSFT	Short-Inefficiency	q99	1080
    -0.2082	0.2358	-0.8828	-0.2440361	XOM	Short-Inefficiency	q99	1080
    -0.2419	0.1980	-1.2218	-0.2824715	JPM	Short-Inefficiency	q99	1080
    -0.2762	0.2425	-1.1388	-0.3211491	AAPL	Short-Inefficiency	q99	1080
    -0.3391	0.5903	-0.5746	-0.3912891	META	Short-Inefficiency	q99	1080
    -0.3400	0.2623	-1.2966	-0.3922728	LLY	Short-Inefficiency	q99	1080
    -0.3402	0.3520	-0.9667	-0.3924872	AVGO	Short-Inefficiency	q99	1080
    -0.3780	0.5460	-0.6924	-0.4339417	NVDA	Short-Inefficiency	q99	1080

    • q99 : Short-Efficiency-Long-Inefficiency

      Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
      0.5143	0.3208	1.6032	0.6442534	AAPL	Short-Efficiency-Long-Inefficiency	q99	1080
      0.4259	0.2624	1.6234	0.5299141	LLY	Short-Efficiency-Long-Inefficiency	q99	1080
      0.4076	0.2742	1.4862	0.5063539	JPM	Short-Efficiency-Long-Inefficiency	q99	1080
      0.3143	0.3526	0.8915	0.3875961	AVGO	Short-Efficiency-Long-Inefficiency	q99	1080
      0.1733	0.3234	0.5359	0.2111287	XOM	Short-Efficiency-Long-Inefficiency	q99	1080
      0.1062	0.3330	0.3188	0.1285384	MSFT	Short-Efficiency-Long-Inefficiency	q99	1080
      0.0610	0.5903	0.1033	0.0735041	META	Short-Efficiency-Long-Inefficiency	q99	1080
      0.0549	0.2544	0.2157	0.0661278	V	Short-Efficiency-Long-Inefficiency	q99	1080
      0.0412	0.2705	0.1525	0.0496242	MA	Short-Efficiency-Long-Inefficiency	q99	1080
      0.0196	0.2865	0.0686	0.0235886	HD	Short-Efficiency-Long-Inefficiency	q99	1080
      -0.0268	0.1979	-0.1352	-0.0319750	PG	Short-Efficiency-Long-Inefficiency	q99	1080
      -0.0398	0.1640	-0.2429	-0.0475625	JNJ	Short-Efficiency-Long-Inefficiency	q99	1080
      -0.0774	0.6033	-0.1283	-0.0920528	NVDA	Short-Efficiency-Long-Inefficiency	q99	1080
      -0.1029	0.2405	-0.4278	-0.1219684	UNH	Short-Efficiency-Long-Inefficiency	q99	1080
      -0.1050	0.3061	-0.3431	-0.1245005	CVX	Short-Efficiency-Long-Inefficiency	q99	1080
      -0.1219	0.3790	-0.3216	-0.1442406	GOOG	Short-Efficiency-Long-Inefficiency	q99	1080
      -0.1264	0.3766	-0.3356	-0.1495196	GOOGL	Short-Efficiency-Long-Inefficiency	q99	1080
      -0.3589	0.6432	-0.5580	-0.4130400	TSLA	Short-Efficiency-Long-Inefficiency	q99	1080
      -0.4622	0.4583	-1.0084	-0.5244810	AMZN	Short-Efficiency-Long-Inefficiency	q99	1080

      • q99 : Short-Efficiency

        Annualized Return	Annualized Std Dev	Annualized Sharpe (Rf=0%)	TotalReturn	Ticker	position	Significance_level	Window
        0.1627	0.2109	0.7714	0.1980230	AAPL	Short-Efficiency	q99	1080
        0.1099	0.1904	0.5771	0.1330591	JPM	Short-Efficiency	q99	1080
        0.0119	0.0130	0.9124	0.0142546	HD	Short-Efficiency	q99	1080
        0.0104	0.0114	0.9125	0.0125295	JNJ	Short-Efficiency	q99	1080
        0.0084	0.0092	0.9127	0.0101218	LLY	Short-Efficiency	q99	1080
        0.0080	0.0087	0.9128	0.0095683	PG	Short-Efficiency	q99	1080
        0.0024	0.0026	0.9133	0.0028547	MA	Short-Efficiency	q99	1080
        0.0012	0.0013	0.9134	0.0013844	UNH	Short-Efficiency	q99	1080
        -0.0015	0.0016	-0.9136	-0.0017843	V	Short-Efficiency	q99	1080
        -0.0021	0.0022	-0.9137	-0.0024624	MSFT	Short-Efficiency	q99	1080
        -0.0032	0.0027	-1.1673	-0.0037962	META	Short-Efficiency	q99	1080
        -0.0046	0.0051	-0.9139	-0.0055483	GOOG	Short-Efficiency	q99	1080
        -0.0062	0.0068	-0.9140	-0.0074408	GOOGL	Short-Efficiency	q99	1080
        -0.0111	0.0122	-0.9145	-0.0133151	CVX	Short-Efficiency	q99	1080
        -0.0162	0.0177	-0.9150	-0.0193944	TSLA	Short-Efficiency	q99	1080
        -0.0178	0.2213	-0.0805	-0.0213072	XOM	Short-Efficiency	q99	1080
        -0.0182	0.0199	-0.9151	-0.0218048	AVGO	Short-Efficiency	q99	1080
        -0.1745	0.1096	-1.5928	-0.2053650	AMZN	Short-Efficiency	q99	1080
        -0.2261	0.2556	-0.8848	-0.2645162	NVDA	Short-Efficiency	q99	1080

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